Eligible SMU faculty members will receive a salary bonus of $2,000 each in their Nov. 27, 2013, paychecks through projected available resources from the Lester A. and Stella Porter Russell Fund.
Because the last day of November 2013 falls on a weekend day immediately after the University’s Thanksgiving holiday, monthly SMU employees will receive their paychecks on the last working day before the holiday rather than on the last day of the month.
SMU’s Office of the Provost has identified 688 faculty members as eligible according to the parameters set by Stella Porter Russell in her will. The net amounts received by individuals will vary based on each person’s employment tax withholdings.
The annual supplement is the same as that for 2012, which was awarded to 714 faculty members. Every year the amount of the supplement is based on the number of faculty who are eligible, the expected spending distribution from the endowment, and the effect of current investment market conditions on the endowment.
In her will, Russell stipulated that SMU establish an endowment fund in memory of her late husband and herself, to be used to supplement University faculty salaries.