(1) In order for an institution of higher education to recruit and retain information technology professionals in classified positions, the Division of Higher Education may develop and implement a plan for labor market rates up to the midpoint allowed for the grade after review by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee.
(2) The division shall establish the list of applicable information technology classifications after review by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee.
(3) An institution of higher education implementing a labor market rate under subsection (a) of this section shall report any salary adjustments made to the: Division; and
(4) Legislative Council or, if the General Assembly is in session, the Joint Budget Committee.