Phillip Matier & Andrew Ross, SFGate.com
Monday, August 20, 2007
One thing departing University of California President Robert Dynes won't have to worry about is money. It turns out that Dynes - who was nudged out as UC's top dog after a string of embarrassing stories about the university's liberal pay and perk packages for top managers - is in for a few goodbye goodies himself.
Goodie No. 1: A year off with pay.
Dynes, 64, says he plans to return to teaching physics - presumably at UC San Diego, where he used to be a professor and chancellor and where his new wife works as a lawyer.
Under his contract, if Dynes does go back to the classroom, first he will be entitled to a full year's paid leave to brush up on his studies. UC spokesman Brad Hayward said Dynes plans to take the leave, during which he will be paid his $405,000 president's salary.
Goodie No. 2: Now that he has to vacate the UC-provided president's mansion in Kensington, Dynes - like all senior administrators - is eligible for a low-interest home loan to help him relocate. Hayward said it's uncertain whether Dynes will take advantage of the benefit.
Finally, there's the pension.
When Dynes chooses to retire completely from academic life, his pension will be based on a percentage of the average of his last highest-earning years. That would include his time as president.
Upshot: Calculations show that if he were to stop working next June, he could either cash out for $1.6 million or get $145,524 a year in retirement pay.
Taken all together, it makes for a pretty nice parachute.