In case you missed the rollicking good time at the Board of
Trustees meeting yesterday--citizens getting hauled out of a public meeting at
a public institution--and our Board putting its trust in the feckless, here is
the Tribune's report. Oh right, right, right,
it's not "our" board, it's his. Maybe the salary cut will help
pay off the Crowley
bills.
University trustees cite new state pension law while
extending Watson's contract
By Jodi S. Cohen, Tribune reporter
8:40 p.m. CST, March 7, 2014
It is likely one of the first examples — and certainly the
most high-profile one — of a change to a university employee's benefits as a
result of the state's pension overhaul that, among other changes, aimed to
close loopholes in the underfunded retirement system.
Watson, hired in 2009 after retiring as chancellor at the
City Colleges of Chicago , had been drawing a
$250,000 annual salary from Chicago
State
But under a law enacted last year as part of the state
pension overhaul, university employees who are receiving a retirement annuity
cannot earn more than 40 percent of their highest annual earnings prior to
retirement. If they do, the employer is required to pay a penalty to the State
Universities Retirement System equal to the annual retirement benefit the
employee is receiving.
The change in Watson's salary reflects how lawmakers aimed
to close a loophole that allowed state university and community college
employees to retire and draw a pension while still earning close to the same
amount in a new university job. Watson's new salary is $146,363 a year.
Combined with his pension, he will draw more than $285,000 a year.
"He is still doing well, but it's much more
reasonable," said state Sen. Daniel Biss, D-Skokie, who sponsored the
legislation that changed the allowable compensation for university retirees who
take a new state university job. "In my view, the law is doing what it is
intended to do."
According to City Colleges, Watson's highest salary there
was $300,000. Chicago
State
"The phenomenon of collecting a generous pension while
collecting a full-time salary — that was not what the system was designed
for," Biss said. "I am glad the law had some impact on curtailing
that behavior. He is taking a pay cut because he has to."
The law took effect in November, and Chicago State
"It is being very cautious and taking a very
conservative reading of the legislation," said Chicago State
"Dr. Watson is already participating in the (pension
system). As a current state employee, there is a cap on the salary those
persons can achieve."
Watson declined to answer questions from the Tribune.
Watson said he had accomplished about 75 to 80 percent of
his mission when he took over four years ago and wanted to reach the remainder
of his goals. He cited the university's renewed accreditation last year, a
reduction in the number of audit findings by the state auditor general, an
increase in academic standards and better relations with the surrounding South
Side community.
"We have a mission, and the students are at the core of
the mission," Watson said. "We are not finished, and there is a poem
called 'See it Through,'" Watson said, referring to a work by Edgar Guest.
"We are going to see this one through. I am proud and humbled, and I am
appreciative for this board of trustees for giving its support to me to go
forth."
This time last year, Watson was on the verge of losing his
job. Trustees had been in the midst of deciding Watson's future when Gov. Pat
Quinn did not renew the terms of some board members who had questioned Watson's
employment.
The new board has said it supports Watson.
Tribune reporter Jason Grotto contributed.
jscohen@tribune.com
A retarded goat would be more of a leader than this slimeball mole. How pathetic that he wrote filthy lies about Provost Westbrooks an outstanding ethical professional who landed the accreditation but tries to scam credit himself. What is with the brain dead board? Thugs like the old rat;I envision them all on the next Malaysian airliner.
ReplyDeleteOn the bright side, Watson is apparently saying that he has already created 75 to 80 percent of the damage he intends for the University, so I guess he plans only 20 to 25% more in the next two years.
ReplyDeleteOne can only hope. They say that a president of an institution should be able to fund-raise annually at least the amount of his salary. Now that the bar is lowered for him, maybe he will be able to.
DeleteI would not hold my breath.
DeleteWatson's decision to work at a reduction in salary is a "CYA" move on his part. If he leaves, he runs the risk of putting his friends at risk and more disclosures of his wrong doings. Watson is only concerned about himself, not the university.
ReplyDelete