Just because you don't recall it doesn't mean it isn't factual. Annual "raises" for management were on the order of 1.5% in 2004 thru 2006, which is probably not too far off from your $0.44 raise. I wouldn't consider 1.5% a snapback by any measure.
You left out the fact that management never took a 25% paycut. Their 1.5% raises were on top of a paycheck that wasnt cut, maybe frozen for a few years(as ours was for most of the 90s) but they werent cut by 25%.