Outgoing Nebraska U.S. Sen. Ben Sasse’s contract to become the University of Florida’s next president for a five-year term could be worth around $10 million, according to an analysis of the contract by professors who called it “the richest we have seen.”
The analysis by George Mason University’s Judith Wilde and James Finkelstein, professor emeritus of public policy, compared the payout provisions to winning a lottery. The base annual salary is $1 million, with a provision for 4% yearly raises, in addition to a bundle of other perks, according to the professors’ analysis.
UF officials, however, say the package is in line with similarly situated university positions across the nation.
“We would like to clarify that Florida law limits the amount of state funds used for public university president salaries to $200,000,” UF spokeswoman Cynthia Roldán Hernández, told the Florida Record in an email. “Any additional compensation must come from private sources.”
Roldán Hernández also defended those who worked to put the contract together.
“The UF Board of Trustees worked with a reputable third-party compensation consultant and, based on a recommendation of a compensation subcommittee of our presidential search committee, approved a contract for Dr. Sasse that reflects the responsibilities, goals and expectations that come with being the president of an institution that is ranked among the best in the country,” she said.
The study by Wilde and Finkelstein points out the package contains $1 million in deferred compensation if Sasse, age 50, completes the five-year term, potential yearly performance bonuses of more than $800,000, retirement contributions over the life of the contract valued at $800,000, a term life insurance policy, moving expenses, cell phone allowance, travel perks and rent-free accommodations in the Dasburg President’s House.
Sasse will also be in line for a post-presidential faculty appointment, with arrangements and pay provisions that will be subject to the approval of the university’s board chair.
“We have never come across a contract with the terms of a post-presidential appointment so open-ended or with the board chair having what is essentially sole authority to dictate the terms,” the professors’ analysis said.