A new survey says former Penn State President Rodney Erickson was the highest-paid public college president in fiscal year 2014, with nearly $1.5 million in total compensation.
The Chronicle of Higher Education says a significant portion of Erickson’s pay was because he took ownership of his balance in a university-sponsored life insurance plan valued at $586,000.
Erickson took over as president of Penn State in the wake of the Jerry Sandusky child sex abuse scandal in November 2011. He retired in May 2014 after 37 years at Penn State as a faculty member and administrator.
The Chronicle calculates total compensation for public college presidents as base salary, plus bonus, severance and deferred compensation that was paid out.
Delaware’s Patrick Harker received $800,156 in compensation.