At a special session held Wednesday, the Virginia Tech Board of Visitors Executive Committee approved a salary compensation plan providing merit funds for faculty positions.

Under the plan a merit pool of 3.5 percent for teaching and research faculty was approved.

“We’re very excited about this much needed salary increase,” Vice President for Finance and Chief Financial Officer Dwight Shelton said. Because it is a merit increase, the percentage of individual raises will vary.

The state, which funds only a portion of personnel compensation, authorized 2.5 percent for teaching and research faculty during the 2015 General Assembly. The university and colleges contributed additional monies increasing the merit pool. A 2 percent pool was authorized for administrative and professional faculty.

In accordance with the Commonwealth of Virginia’s Appropriations Act, Virginia Tech will provide all eligible classified and university staff employees a 2 percent salary increase. Classified staff with five or more years of continuous state service as of Aug. 10, 2015, are eligible for a salary compression increase of $65 for each year of service up to a maximum of 30 years or $1,950.

All salary actions become effective Aug. 10 and will appear in Sept. 1 paychecks.

The board’s Executive Committee met in special session because the full board was unable to take action at its regular meeting in June. Because of a provision in the 2015 Appropriations Act, the state could not release funds until the state finance director certified that the state met revenue projections for the year.