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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