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Friday, October 23, 2009

I need a new agent

Consider this a very special edition of UofL Today.

Lexington Herald-Leader, October 17, 2009:
The University of Louisville Foundation paid U of L President James R. Ramsey $1.9 million in 2007 to compensate him for state retirement benefits he forfeited, according to the foundation's most recent filing with the IRS.

Ramsey, who became president of Kentucky's second largest public university in 2002, had spent 17 years working for state government, including serving as state budget director under former Gov. Paul Patton between 1999 and 2002. While working for the state, he accrued time in the Kentucky Retirement System.

But because he left the state job without the necessary number of years of service to be fully vested, the U of L trustees inserted a provision in Ramsey's contract calling for him to be compensated for the retirement benefits he left on the table when he took the U of L job.

The foundation, which manages the university's private donations and endowment funds, paid Ramsey a $1,935,299 lump sum in 2007, the year he would have been eligible to retire with full state benefits, said Robert Gunnell, senior partner with Peritus Public Relations who serves as spokesman for the U of L Foundation.

"That was the amount that an actuarial firm calculated to make President Ramsey whole in his retirement account," Gunnell said.
Until today, most faculty and staff that I know hadn't heard about this.

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