University faculty may benefit from an amendment to a teacher retirement bill proposed by Gov. James S. Gilmore III (R) to provide teachers and state employees with pay increases despite the Commonwealth's recent budget crisis.
Gilmore added a $125 million package that, if passed, will increase salaries for teachers, sheriffs, higher education faculty and state employees. The teacher retirement bill was proposed by Sen. Emily Couric (D-Charlottesville).
Funding for the increases will be taken from the Virginia Retirement System's surplus, Gilmore spokeswoman Yooree Oh said.
The General Assembly will review Gilmore's decision when it reconvenes for a one-day veto session on April 4.
University faculty pay raises will match their peer institutions at the 60th percentile, Oh said. The percentile is an average used to compare the salaries of higher education faculty.
Some University faculty and officals said they are pleased the amendment may lead to pay increases.
"We're supportive of a measure that would address University and staff [salary] raises," said Nancy Rivers, University director of state government relations.
"We need this increase in order to be a competitive University in attracting other professors," Asst. Government Prof. James Sofka said. "But we need to make sure that this amendment is more than just a band-aid fix."
Some legislators are wondering whether the $125 million sufficiently will afford such pay increases.
"I find it hard to believe that $125 million would be enough for teachers, state employees, college faculties and sheriffs," Couric said. "It doesn't quite seem right."
Couric said she questions "whether or not we want to take money out of VRS when the currency is moving south" given the volatility of the stock market.
Couric's bill oringinally allowed retired teachers to return to the educational system without losing benefits. Couric said she will review the amendment to determine whether it is relevant to the original intent of her bill.
The amendment does not address concerns regarding the governor's ordered freeze on University building funds.
Gilmore plans to work privately with the University on state-funded projects as well as review requests for permission to proceed on privately funded capital projects, University spokeswoman Louise Dudley said.
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