U Of I President Gets Pay Raise
The University of Illinois is giving President Bob Easter a $90,000 bonus and a pay raise.
University trustees approved the bonus and raise for Easter at their regular board meeting Thursday in Urbana.
The bonus is part of a new incentive-based compensation plan for Easter. The bonus was based on the three-campus university system reaching set goals for cost reduction, enrollment and other factors under Easter.
Easter's base pay will increase 2.75 percent to $462,375. Most university employees are getting 2.75 percent raises.
Trustees Chairman Christopher Kennedy said the board is pleased with Easter. Easter became president in 2012. His predecessor, Michael Hogan, was paid $651,000 a year.
Trustees at the University of Illinois have approved a $5.6 billion fiscal year 2014 budget for the system's campuses.
Trustees approved the budget at their meeting Thursday in Urbana. The budget is a 1.2 percent increase over the previous fiscal year. Authorities say it's the smallest increase in more than two decades.
University President Robert Easter says the schools are ``weathering our financial challenges.''
Officials say the direct state appropriation for the University of Illinois increased slightly by $1.2 million for fiscal year 2014 to about $669 million. However they point out that the figure is down from a peak $804 million in fiscal year 2002.
The system includes campuses in Urbana-Champaign, Springfield and Chicago.
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