The Faculty Association of the University of Waterloo and the board of governors have ratified a salary settlement for 1999/ 2000. The one-year deal negotiated under the terms of the memorandum of agreement in place at Waterloo took effect on May 1. Components include: scale increases of 1.5%; professional expense reimbursement increases to $1,300; extra one-quarter PTR for partial restoration of amounts lost during Ontario's social contract (value is 0.55%); and extension of ability to swap one week of vacation for 2% pay increase when within three years of retirement to April 30, 2005 (for retirement at April 30, 2008).