Fiscal Year Updates

From Valerie Thomas, Associate Vice President, Human Resources

As the new fiscal year (July 1) approaches, I want to share some updates with you.

First, the temporary salary reduction will not extend into FY 2012. All regular faculty and staff who are on payroll as of June 30, 2011—and continue to be employed by USM at the beginning of FY 2012—will receive a one-time $750 payment. UMBC contingent II employees will also receive this payment. It will be included in the paychecks on July 22, 2011. This payment will not be added to the base salary and is not included in retirement calculations. The payment for USM faculty and staff working less than 100% FTE will be prorated.

Also, you may have heard news reports about the state’s voluntary separation plan; after months of study, however, the USM has decided it is unable to establish such a plan that would be cost-effective for FY 2012.

If you have any questions, please contact me at ext. 5-2337.

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