Rutgers president gives back bonus

August 4, 2008 6:33:57 PM PDT
Rutgers University President Richard McCormick and his wife are giving his $100,000 bonus back to the university. The university says the money will go toward the Rutgers University Foundation to pay for financial aid for undergraduates.

Under McCormick's employment contract, he's eligible for a $100,000 annual bonus when the Rutgers Board of Governors decides he's met goals set out for him. His annual base salary is $550,000.

His decision comes as the university is raising tuition by 8.5 percent.

In a letter to the Board of Governors, McCormick says he and his wife wanted to do their part to support Rutgers students.

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