The UNC Policy Manual
300.2.14 [R]
Adopted
06/13/13
Regulation for Deferred
Compensation for Chancellors
The Board of
Governors, pursuant to its authority to fix the compensation of the chancellors
of the constituent institutions,[1]
has authorized the participation of each chancellor in deferred compensation in
the form of annual contributions to a qualified retirement plan to encourage
the chancellors’ continued service to their respective institutions and the
University of North Carolina. Contributions
may be made only upon the recommendation of the president, subject to final
review and approval by the Committee on Personnel and Tenure. Contributions shall not exceed ten percent
(10%) of base salary paid in any year and must derive solely from non-state
funding sources. Any campus that seeks to
make contributions on behalf of its chancellor shall deliver a written request
through the board of trustees to the president that describes its proposal for
funding the contributions in accordance with the following requirements:
1. The request must identify and
describe in detail the source(s) of funds from which the contributions will be
made;
2. The request must state that the
funds for the contributions will not, under any circumstances, originate from
state funds or tuition revenues;
3. The request must specify the amount
of the proposed contributions as a percentage of annual base salary, not to
exceed 10 percent (10%);
4. The request must state that any
contribution is voluntary, and that contributions may be suspended or discontinued
at the discretion of the Board of Governors or the board of trustees;
5. The request must acknowledge that
the contributions shall not be made in any year in which the funds identified
and described by the campus are insufficient to support the contribution; and
6. The request must specify the vesting
period that will apply to the contributions.