Contract Language Ratified for Fund Equity “Formula” – August 2020:
Notwithstanding other language set forth in Appendix C titled “Formula,” the Formula shall be implemented as set forth below for the 2020-21 school year. ∙ In the event that the District’s audited 2019/2020 fund balance is over 15%, then the following shall occur: 50% of the amount of dollars above the 19/20 audited general fund balance of 15% shall be distributed in an off-schedule payment among all bargaining unit members as follows: Individual bargaining unit member base salary compensation for 2020- 21 school year (as of the first pay period in September) divided by total bargaining unit base salary compensation, less FICA, will create the individual’s percent of the GPEA Gross (Formula money). Said payment shall be made on or before the last payroll in December 2020. It is understood that any such payment shall be considered to be in the nature of a signing bonus and not subject to a MPSERS retirement contribution.
Absent a successor agreement, the Formula as currently written (understanding that the dates would be updated) will go into full effect on August 10, 2021.