USM Board of Regents Revises Chancellor Robert L. Caret's Compensation Agreement
Does
Not Include Performance Bonus Provision
Bowie, Md. (Dec. 9, 2016) -- The University System of Maryland (USM) Board
of Regents today approved a revised compensation package for USM Chancellor
Robert L. Caret. The new agreement does not include a performance bonus
provision, as the previous agreement did.
The board took this action at its
meeting at Bowie State University. This action puts into effect the commitments
the board made at the Maryland General Assembly's Joint Education Subcommittee hearing
on the chancellor's compensation held in August 2016.
Here is a summary of the changes
to the previous agreement approved by the board:
·
The
chancellor is no longer eligible for a performance bonus.
-
Subject
to the chancellor's continued service as chancellor, the USM will make
contributions on the chancellor's behalf to USM's 457(f) Contingent Deferred
Compensation Plan as follows:
-
During
the month of January 2017, $150,000
-
During
the month of January 2018, $250,000
The 2017
contribution is expected to become available to the chancellor on January 31,
2019. The 2018 contribution is expected to be available to the chancellor on
June 30, 2020.
The chancellor's base annual
salary is currently $630,000. As in his previous agreement, his base annual
salary will continue to increase at least 5 percent annually unless prohibited
by law. All other provisions of the previous agreement also remain the same.
"We are pleased with this new letter
of agreement," said James T. Brady, chair of the USM Board of Regents. "It
provides a competitive compensation package for Chancellor Caret as the leader
of a large and complex public higher education system."
Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu
