Eligible faculty members will receive a salary bonus of $2,000 each in their Nov. 30, 2010, paychecks through projected available resources from the Lester A. and Stella Porter Russell Fund. The Office of the Provost has identified 666 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 about the same as that for 2009, which was awarded to 650 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 SMU faculty salaries.
Full-time faculty, including those on paid leave, are eligible for Russell Fund bonuses, as well as visiting professors with 2-year contracts and professors on leave without pay for 1 semester. Eligibility for professors on leave without pay for 2 semesters and administrators is subject to decision by the appropriate dean.