Starting March 1, Mun Y. Choi will be making a yearly base salary of $530,000 in his new role as UM System president, a number roughly $50,000 greater than what former UM System President Tim Wolfe made at the time of his resignation.
Choi officially accepted the position and signed the contract for employment Oct. 26.
UM System spokesman John Fougere said that the nearly 11 percent salary increase was offered because Choi’s contract does not include the performance incentive that Wolfe’s had.
“If you include Wolfe’s performance incentive, his overall compensation was about the same as Dr. Choi’s,” Fougere said in an email.
Wolfe received an annual performance-based incentive of $50,000 following a successful review by the Board of Curators of his general performance and completion of unspecified “performance-based goals.”
Obtained through an open records request, Choi’s contract explains the expected role that he will have on the four UM System campuses, as well as how he will be paid.
According to the contract, it will be Choi’s duty to represent the UM System as the chief executive and academic officer. He must also comply with the rules set forth by the Board and work toward furthering the interests of the UM System as a whole.
If Choi performs these duties, according to the specific guidelines outlined in his contract, he is eligible not only for his annual salary of $530,000 broken into 12-month installments of $44,166, but also yearly funds deposited into a deferred compensation account.
Choi will not have access to this account until June 30, 2022, at which time his contract is either ended or renewed.
The first year Choi is in his role of president, $16,666.67 will be transferred to his deferred compensation account, followed by $50,000 for each sequential year. If Choi leaves or his position is terminated early, he forfeits all funds already in the account.
Aside from his yearly salary and deferred compensation, Choi also has access to the fringe benefit plans that are available to all full-time employees of the UM System. These include medical, disability, dental, life insurance and retirement.
As UM System president, Choi is required to have his primary residence in Columbia, Missouri, and has the option of residing in the the official UM System home, Providence Point.
Choi has opted out of living in Providence Point, and instead plans to purchase a private home in Columbia for he and his family, Fougere said. According to his contract, he will receive a $2,400 monthly housing allowance to do so.
For his time as president, Choi will also be provided a vehicle for UM System work. As with his housing situation, Choi may opt out of this and instead receive an automobile allowance.
Edited by Claire Mitzel | firstname.lastname@example.org