20-161F 20-161F . . . Executive Officer One-Year Incentive Plan under which each participant receives a cash award that is determined by a two-step process which considers both the performance of the corporation as a whole during the year and the individual performance of the participant
Maryland Executive Officer One-Year Incentive Plan
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US-CC-20-161F
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FAQ
COLA: Effective July 1, 2023, State regular and contractual employees, including Executive Pay Plan (EPP) employees, will receive a 2% COLA, except that employees who receive increases in ance with the Memorandums of Understanding for SLEOLA, MdTA Police and the BWI Firefighters.
The FY 2024 budget includes a provision for a 2.0% cost of living adjustment and a 2.5% merit increase on July 1.
State regular employees who are otherwise eligible will receive an increment on July 1, 2023, or January 1, 2024, based on the employee's entry-on-duty date (EOD). Contractual employees may receive an increment at the employing agency's discretion. EPP employees will receive a 2% merit increase on July 1, 2023.
The FY 2024 budget includes a provision for a 2.0% cost of living adjustment and a 2.5% merit increase on July 1. The General Assembly has placed no restrictions on the ability of institutions to provide for retention, equity and other necessary increases to faculty and staff during the coming fiscal year.
All nonexempt regular employees, who are eligible, will receive a 2.5% merit increase. Employees who were promoted or reevaluated and have received their 2022-2023 PDP are eligible.
The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2023. A retiree who has been retired at least one year as of July 1, 2023, qualifies for this year's COLA. This year's COLA rate is 8.003 percent.
University System of Maryland History of COLA & Merit Increases FYState COLATotal Increase20242.0%4.5%20233.0% + 4.5%10.0%20221.00%3.5%20212.0%2.0%54 more rows