(a) Each governing board shall promulgate and adopt a faculty salary rule in accordance with section six, article one of this chapter which furthers the goals of attracting, retaining and rewarding high quality faculty. Faculty salary increases shall be distributed within each organization in accordance with the faculty salary rule.
(b) The salary of a full-time faculty member may not be reduced by the provisions of this article.
(c) The faculty salary rule shall pursue the following goals:
(1) The salary of each full-time faculty member within a discipline group is competitive with those in similar disciplines at peer institutions;
(2) Faculty are recognized for outstanding performance;
(3) Equity among salaries is maintained; and
(4) The faculty at each institution are involved effectively in the administration of the faculty salary rule.
(d) Each faculty member shall receive a salary increase of at least ten percent when he or she is promoted in rank.