USM Board of Regents Revises Chancellor Robert L. Caret's Compensation Agreement

Does Not Include Performance Bonus Provision

Bowie, Md. (Dec. 9, 2016) -- The University System of Maryland (USM) Board of Regents today approved a revised compensation package for USM Chancellor Robert L. Caret. The new agreement does not include a performance bonus provision, as the previous agreement did.

The board took this action at its meeting at Bowie State University. This action puts into effect the commitments the board made at the Maryland General Assembly's Joint Education Subcommittee hearing on the chancellor's compensation held in August 2016.

Here is a summary of the changes to the previous agreement approved by the board:

 ·         The chancellor is no longer eligible for a performance bonus.

  • Subject to the chancellor's continued service as chancellor, the USM will make contributions on the chancellor's behalf to USM's 457(f) Contingent Deferred Compensation Plan as follows:
    • During the month of January 2017, $150,000
    • During the month of January 2018, $250,000

The 2017 contribution is expected to become available to the chancellor on January 31, 2019. The 2018 contribution is expected to be available to the chancellor on June 30, 2020.

The chancellor's base annual salary is currently $630,000. As in his previous agreement, his base annual salary will continue to increase at least 5 percent annually unless prohibited by law. All other provisions of the previous agreement also remain the same.

"We are pleased with this new letter of agreement," said James T. Brady, chair of the USM Board of Regents. "It provides a competitive compensation package for Chancellor Caret as the leader of a large and complex public higher education system."

Contact: Mike Lurie
Phone: 301.445.2719