Des Moines Register
06-22-07
Mason's pay and perks outlined
By ERIN JORDAN
REGISTER IOWA CITY BUREAU
Sally Mason is the first University of Iowa president to receive deferred
compensation, a salary bonus intended to keep her at Iowa for at least five years.
Mason, who is paid $321,900 as Purdue University provost, will be paid a base
salary of $450,000 when she starts work at the U of I Aug. 1, according to a letter
from the Iowa Board of Regents outlining the terms of Mason’s employment.
The U of I will put $60,000 a year into a trust that Mason will receive if she stays
at the university through July 31, 2012. The deferred compensation plan is
voided if Mason leaves early or is dismissed by the regents for good cause, the
letter states.
Mason will receive $50,000 a year in bonuses for achieving performance goals to
be set later by Mason and the regents. The $50,000 bonus is guaranteed for her
first year.
Mason is required to live at the President’s Residence, a 1908 brick mansion that
recently received a $3 million renovation. The house is also used for U of I
functions.
The university will pay Mason’s moving expenses and provide her with a car.
Mason is entitled to the same benefits, including health insurance, as all other U
of I faculty and administration.
The regents will evaluate Mason’s performance on four general objectives that
are similar to those outlined for the presidents of Iowa State University and the
University of Northern Iowa, said Gary Steinke, the board’s executive director.
Mason must achieve progress on the U of I’s strategic plan, cooperate with the
regents and other state institutions, demonstrate commitment to the regents’
strategic plan and show she is assisting with economic development in the state,
according to the letter.
Mason will have joint appointment as a professor in the U of I biology
department. If she wants to continue that job after serving as U of I president,
Mason will receive a salary equal to 60 percent of what she makes as U of I
president at the time of the transition.
Mason would also be provided office space and secretarial support as a
professor following her presidency and one year free from teaching and service
so she can “reinvigorate” her teaching and research, the letter states.
ISU President Gregory Geoffroy's total compensation is $421,082 a year,
according to the Chronicle of Higher Education. This includes $323,316 in salary
from ISU and $20,000 in private money. He also has $75,000 a y ear in deferred
compensation and $22,766 in retirement pay.