University of Western Ontario President Paul Davenport will receive hundreds of thousands of dollars a year in retirement and termination benefits, according to details in his contract released by the university today.
Read Davenport’s entire contract yourself and read our coverage of McMaster president Peter George’s retirement package.
Davenport — who became president of UWO in 1996 — will collect a regular university pension, as well as what the contract describes as a “Supplemental Pension Arrangement” and a “Special Executive Pension.”
According to the contract, since 1996, “an amount of 5% of salary” has been “credited annually on Dr. Davenport’s behalf to the Supplemental Pension Arrangement.” In addition, the “Special Executive Pension” will pay him $123,030/year if he beings drawing from it after his 65th birthday.
The contract does not specify the amount of his regular pension or how the five per cent credit will increase this pension.
When Davenport’s contract as president ends in 2009, he will receive a retirement allowance worth two years of his final base salary. His salary last year was $355,890. This retirement allowance will be paid in monthly installments for 24 months, starting on July 1, 2009. The contract does not reveal what his 2008-09 salary will be; if it is in line with his 2007 salary, Davenport will receive a retirement allowance of somewhat more than $700,000. (By comparison, President Peter George’s retirement allowance at McMaster will be $1.4 million).
The contract also provides that, during his tenure as president, Davenport shall live rent-free in the university’s Gibbons Lodge. This benefit is declared in Davenport’s yearly tax returns. The nominal value of this accommodation is not listed in the contract.