RICHMOND, Va. (AP) - Virginia Commonwealth University President Michael Rao has a new contract that increases his deferred compensation and other benefits.
The Richmond Times-Dispatch reports that the new contract raises Rao's annual package to about $800,000. The contract runs through June 30, 2022.
The contract increases Rao's deferred compensation to $146,500 for the current fiscal year. It will increase to $191,500 in fiscal 2014.
His base salary of $488,500 remains the same. But he will receive $50,000 in incentive pay for his performance during the 2011-2012 academic year.
The university's board of visitors also increased Rao's personal expense allowance to $50,000 annually.
VCU Rector John Doswell says Rao's deferred compensation had lagged behind that of his peers at other research universities.
Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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