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PHASE II. ANNUAL COMPENSATION ADJUSTMENT <br /> A. DEFINITION <br /> 1 . The Annual Compensation Adjustment is the <br /> Council-approved annual compensation increase <br /> formally defined as the Cost of Living <br /> Adjustment (COLA). <br /> B. TIMEFRAME <br /> 1 . The Step Five of each position will be adjusted <br /> at the end of each year for all regular full- <br /> time and part-time employees not represented by <br /> a collective bargaining unit, by the Mounds View City <br /> Council's approval of the Annual Compensation <br /> Adjustment (ACA). The percentage increase <br /> approved by the Council will be the second phase <br /> in the overall compensation policy. The ACA <br /> will establish the Step 5 for the subsequent year <br /> unless an additional step, a Pay Equity Adjust- <br /> ment-is-determined-as-outlinedin_Phase I.11of�he <br /> Compensation Policy. <br /> 2. A sample computation is indicated below: <br /> 6 <br />