Golden Parachute at Rutgers

When Richard McCormick announced this week that he is retiring from the presidency of Rutgers University, he spoke of his excitement about returning to a faculty position in history. The Star-Ledger reported he is assured by his contract that his salary as a faculty member will be $335,000, not exactly a standard history professor's pay. That's because his presidential contract contains a provision stating that, should McCormick ever return to teaching at Rutgers, his salary could be "no less" than that of the highest paid faculty member in the system. The new salary, however, will be less than his current one as president, $550,000.