Frequently Asked Questions about FY 2013 Compensation Changes:

If I transfer to another position across campus before October 1 will I still be eligible for the 3% increase?

If I receive a salary increase before October 1 will I still be eligible for the 3% increase?

Will employees that were brought up to $10 effective July 2 still receive the 3% October 1?

I have employees under one job family that has three levels, I, II and III. All these employees were under $10, so they will now all be at $10. How do I differentiate the pay for the different levels of responsibility?

With the increase in my salary and the decrease in the employee's side of required Teachers' Retirement contribution, I want to take advantage of growing a nest egg where the university contributes on my behalf. What do I need to do to sign up to participate?

Now that we only pay up to $10K into Teachers' Retirement, does that make the amount that comes out each month less, or do we just pay fewer months? 

If I decide to participate in Teacher's Retirement just how much does the university actually pay towards my account?


Q1- If I transfer to another position across campus before October 1 will I still be eligible for the 3% increase?

A- Yes!

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Q2- If I receive a salary increase before October 1 will I still be eligible for the 3% increase?

A- Yes!

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Q3- Will employees that were brought up to $10 effective July 2 still receive the 3% October 1?

A- Yes!  

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Q4- I have employees under one job family that has three levels, I, II and III. All these employees were under $10, so they will now all be at $10. How do I differentiate the pay for the different levels of responsibility?

A- While the three levels are on escalating salary ranges, the ranges do overlap. So it's not that unusual that this happened with the jump to $10. At the same time, bringing all three levels up to a minimum of $10 creates "compression" of the actual pay rates for your employees, even though each employee is at a different "place" in his/her specific range.

Compression happens when organizations are unable (typically due to budget constraints, as is the case for UCO) to freely utilize base pay to differentiate levels (as is the case presented here) and/or to recognize higher performing employees through merit pay increases. Addressing compression with limited funds takes time and planning, but is certainly doable.  Personnel Action and Salary Change guidelines are currently under implementation review for campus wide use, and have been successfully used by individual departments with unique needs. Such efforts involve working closely with Compensation to determine departmental "business" needs, career path opportunities based on those needs, and budgeted salary increase planning. Contact Compensation to address specific departmental challenges.

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Q5- With the increase in my salary and the decrease in the employee's side of required Teachers' Retirement contribution, I want to take advantage of growing a nest egg where the university contributes on my behalf. What do I need to do to sign up to participate?

A- Employee contributions are calculated at 7% of salary and benefits each pay period beginning in July of each year. Employees will contribute on the first $10,000. UCO begins contributing on their behalf at $10,001 and continues through the rest of the fiscal year. Therefore, you must sign up to participate by July 1 of any given year, or "make‐up" the difference back to their first pay in July.

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Q6- Now that we only pay up to $10K into Teachers' Retirement, does that make the amount that comes out each month less, or do we just pay fewer months?  

A-  You pay a percentage of salary (7%), so it will be less time (fewer pay periods).

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 Q7- If I decide to participate in Teacher's Retirement just how much does the university actually pay towards my account?

A- Once you pay 7% of salary and benefits up to the $10,000 threshold, UCO pays 7.5268% of your salary and benefits

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