Finally received the email. Not sure what some of you were reading, it's not the best writing but it's clearly 3.5% total. "..company has approved a 3.5% increase which INCLUDES (emphasis mine) a step increase.
Nothing in this place matters other than supply and demand. Their thinking is that the top 200 guys either have no place to go or don't want to leave. There are enough in the queue to ensure new classes are filled this year. Therefore, no need for an increase in real wages. The rest of us will tread water for another year and hope for a morsel next year........