Despite state funding cuts to colleges and universities and salary freezes to many of New Jersey’s top college executives, a report from The Star-Ledger suggests many of their contracts are still filled with perks and lucrative bonuses.
The Star-Ledger reviewed the presidential contracts at all 31 of the state’s two and four-year public colleges.
The Star-Ledger reports many of the deals include retention payments, deferred compensation plans and other rewards.
The report also found many of the contracts also have unusual perks, including money for personal financial advisers, health club memberships and even paid E-Z Pass accounts.
Darryl Greer, executive director of the New Jersey Association of State Colleges and Universities, tells The Star-Ledger board of trustees at public colleges have had to sweeten the deals to hold on to presidents being lured away by other employers.