More details have been released on the contract for the new president at the University of Northern Iowa. William Ruud was chosen from two finalists Thursday by the Board of Regents to become the 10th president of the Cedar Falls school.
It was announced at that time that he would receive a three-year contract with an annual salary of $340,000. Additional information released by the board shows Ruud will also receive deferred compensation of $50,000 annually if he stays for the entire three years of the contract.
The board is providing a supplemental life insurance plan that combined with his regular life insurance plan adds up to one million dollars in coverage. These benefits go along with the house and car that are provided for his use as UNI president. The university will pay for Ruud’s expenses to move from his current position at Shippensburg College of Pennsylvania.
The letter confirming the benefits also says Ruud will be evaluated based on his ability to meet the goals in the UNI strategic plan, his ability to cooperate with the other state schools, his responsiveness to the Board of Regents and his commitment to assisting the state in “economic and workforce development.”
Ruud would be paid any of the remaining amount of his salary if he is fired without cause before the three-year period is up.
See the employment letter sent to William Ruud here: Ruud employment terms PDF