HELENA – Commissioner of Higher Education Sheila Stearns says the state Board of Regents is expected to approve a $500,000 deferred compensation plan for Montana State University’s new president at its next meeting.
Under the plan, Waded (wah-DED’) Cruzado (cru-SAH’-doh) will receive $50,000 annually for 10 years, beginning at age 65. She is 50 and must work as MSU’s president for five years in order to receive the deferred compensation.
MSU’s Foundation will pay the premiums on a life insurance policy for Cruzado, with the foundation named as beneficiary. The policy will pay the retirement benefits.
The deferred compensation package is on the agenda for the Regents meeting March 4 and 5 in Dillon.
Cruzado became MSU’s president in January. She is earning a $280,000 salary, plus benefits.