MS HB338

Increases annual compensation for all State Institutions of Higher Learning employees by 5% in fiscal year 2016 (beginning July 1, 2015) and another 5% in fiscal year 2017

Caps salary increases so that no employee's compensation can exceed the salary of their institution's president

Requires adjustment of job classification pay scales if the 5% increase would push an employee above the maximum step for their classification

Directs the Legislature to appropriate funds necessary to fully fund the salary increases for both fiscal years

Takes effect July 1, 2015