The incoming chancellor of Pennsylvania's 14 state-owned universities will receive a $622,000 pension payout when he leaves his job as chancellor of the State University System of Florida, according to The Associated Press.
The money is payable in a lump sum to Frank Brogan, 59. It represents what he earned in a "deferred retirement option program" aimed at encouraging Florida state employees with 30-plus years to remain in their jobs for up to five more years, The Associated Press reported, citing information from the Florida Department of Management Services.
That money is on top of more than $16,000 in regular pension benefits that Mr. Brogan is projected to receive monthly upon departing Florida.
"He will begin receiving the monthly pension checks when he separates from [Florida] state employment and fills out all necessary paperwork," department spokesman Ben Wolf told The Associated Press.
Mr. Brogan, a career educator and former Florida lieutenant governor, was chosen Wednesday as the State System of Higher Education's fourth chancellor. He will begin his duties Oct. 1.
He told reporters shortly after his appointment that with a little over one year left on his contract, he would soon have had to leave his current position under the Florida retirement program.
Although he is taking a $29,500 pay cut to come to Pennsylvania, Mr. Brogan's $327,500 salary as State System chancellor nonetheless makes him Pennsylvania's highest paid state employee. In addition to standard employee insurance and a state pension, the new chancellor's benefits package includes use of a residence at the State System's Dixon University Center and a car lease.
The State System enrolls 115,000 students on its 14 campuses, including California, Clarion, Edinboro, Indiana and Slippery Rock universities in Western Pennsylvania. That is about a third the size of Florida's state university system.
First Published August 9, 2013 4:00 AM