At $555,000 a year, Joel Bloom does not have the highest salary among New Jersey public college presidents. But counting his extra benefits and perks from New Jersey Institute of Technology, Bloom has a taxpayer-supported deal that’s second to none.
Bloom’s five-year contract with NJIT is worth roughly $5.3 million. And that doesn’t count the cost of his pension, health insurance, vacation time, sick leave and expense account – not to mention the car and driver provided by the Newark-based research university.
No other public officials in New Jersey receive the levels of compensation that many college presidents enjoy – not even Gov. Chris Christie or state Supreme Court justices, according to a NJ Spotlight analysis.
The little-known cornucopia of extras is detailed in employment contracts obtained by NJ Spotlight under the Open Public Records Act. For example, Bloom’s deal with NJIT includes:
- Performance bonus of up to 25 percent of his salary. Last year, it was $130,000.
- Annual “retention incentive” bonus of $120,000 to help ensure his loyalty to NJIT.
- Housing allowance of $85,000 a year
- Three-fourths of his salary for two years – $825,000 based on his current pay – as an advisor and figurehead with the title of president emeritus after he retires or resigns.
NJ Spotlight’s analysis of the contracts of New Jersey’s 30 public college presidents found:
- 20 have contracts that provide for annual bonuses based on performance or longevity
- 17 receive deferred compensation or contributions to annuities to supplement the public pensions.
- 17 receive free use of college-owned residences or housing allowances as part of their compensation packages.
- 23 are provided with the use of college cars or an allowance to cover the cost of their own automobiles.
The story is now online at NJ Spotlight – http://www.njspotlight.com/stories/16/05/22/njit-president-s-5-3m-contract-takes-top-spot-among-nj-college-chiefs/. Details on each college president – with links to their contracts – is posted at http://www.njspotlight.com/stories/16/05/22/the-list-all-the-presidents-pay-and-perks-at-new-jersey-s-public-colleges/.