Executive Compensation for President and Campus Chancellors
|Effective Date||August 24, 2005|
|Responsible Office/Person||Board of Trustees|
Passed by the BoT
UNIVERSITY OF MASSACHUSETTS
EXECUTIVE COMPENSATION PACKAGE FOR
UNIVERSITY PRESIDENT AND CAMPUS CHANCELLORS
The following compensation package is provided to the President and each Chancellor, subject to applicable University policies and to laws and regulations of the Commonwealth. The President shall review the Executive Compensation Policy and Evaluation of Senior Administrators and propose any amendments to the Board that he deems necessary or desirable.
The Board of Trustees shall establish the term and conditions, including salary, of the contract with the President. In making such determination, the Board shall give due consideration to any recommendation from the Compensation Committee. This paragraph shall apply to any renegotiation or renewal of the President’s contract.
The President, in consultation with the individual members of the Compensation Committee, shall establish the terms and conditions, including salary, of the contract with each Chancellor. This paragraph shall apply to any renegotiation of renewal of the contract with each Chancellor.
The terms and conditions established under these provisions shall not be inconsistent with the terms of this policy or with those terms and conditions generally established for similar positions in comparable institutions of higher learning.
The Chair of the Board in consultation with the Chair of the Compensation Committee and the members of the Board shall conduct a review of the President on an annual basis.
As determined at the time of appointment, the President and each Chancellor may be eligible for a tenured faculty position in an appropriate department.
Benefit Package for Non-Unit Professionals
The President and each Chancellor shall be eligible for the benefits package
provided to non-unit professional employees of the University.
Annuities and/or other Savings
The President and each Chancellor shall be eligible to receive contributions
towards annuities and/or other tax-deferred savings vehicles paid on his/her behalf by the University. Eligibility for and features of this benefit such as the plan type(s) and the amount, timing and vesting of contributions shall be determined, in the case of the Chancellors, by the President, and, in the case of the President, by the Chairperson of the University’s Board of Trustees, in consultation with the Compensation Committee. The amount of such contributions for the President and each Chancellor shall not exceed the limits imposed by the Internal Revenue Code.
At the time of appointment, the President and each Chancellor shall be reimbursed for moving and temporary housing expenses incurred. Reimbursement of moving costs shall not exceed the reasonable cost of moving between two points. Reimbursement of moving and temporary housing expenses shall not include storage fees pending the sale or purchase of a home, nor shall it include closing costs and fees incurred in the sale or purchase of a home.
A monthly housing allowance in an amount established by the Board of Trustees at the time of appointment, shall be paid to the President and to each Chancellor who does not have a campus residence. In addition, cleaning and catering expenses directly related to University business events shall be reimbursed. As a condition of employment, a Chancellor may be required to live in a campus-provided residence.
The President and each Chancellor may retain University property in the residence only for exclusive use in University-related activities and only if the property is properly recorded on official University inventory records.
A Commonwealth or leased automobile shall be provided to the President and each Chancellor. Free parking for said automobile will be made available at the respective office or on the respective campus. A driver will be provided as needed for University business.
The President and each Chancellor shall be reimbursed for travel, meals, entertainment and miscellaneous expenses incurred by a spouse traveling at the invitation of the sponsoring entity on bona fide University business. Such travel shall be pre-approved and must be adequately documented in accordance with the Internal Revenue Service regulations and University guidelines.
The President and each Chancellor shall be entitled to funding of or reimbursement for reasonable expenses, including meal, beverage, and entertainment expenses, incurred while conducting University business.
University paid organizational memberships shall be in the name of the
University and shall be solely for the benefit of the University. Organization may not have discriminatory restrictions as a condition of membership. A list of memberships shall be provided annually to the President and the Chair of the Board of Trustees.