Whenever the duties and responsibilities of an existing position change substantially, that position may be reallocated to another classification and pay grade. The requesting institution and/or Office of Higher Education shall prepare job specifications, recommend a pay grade for the position that is within the Board of Governors' pay plan or collective bargaining agreement and forward the job description along with supporting documentation to the Associate Commissioner for Finance and Management, who will place this item on the agenda of the next Personnel Committee. If the position is upgraded, the incumbent, if any, shall be placed in the new class at a salary within the assigned pay range and shall receive a salary increase of not less than 7.5% provided the proposed new salary does not exceed the maximum of the new grade. When a filled position is downgraded, the incumbent shall be placed within the new range at his or her present salary or, if above the maximum of the new range, he or she shall be placed at the maximum. In the case of upgrade of a position that has an incumbent, no internal or external posting of the position is required. If the position has no incumbent, external and internal posting is required, and the filling of the position will follow the procedures that apply to new positions. In the event that immediate action is requested, the Associate Commissioner may approve the reallocation of the position. For informational purposes, a report will be made at the next Personnel Review Committee Meeting.