The UNC Policy Manual
Regulation for Deferred Compensation for Chancellors
The Board of Governors, pursuant to its authority to fix the compensation of the chancellors of the constituent institutions, has authorized the participation of each chancellor in deferred compensation in the form of annual contributions to a qualified retirement plan to encourage the chancellors’ continued service to their respective institutions and the University of North Carolina. Contributions may be made only upon the recommendation of the president, subject to final review and approval by the Committee on Personnel and Tenure. Contributions shall not exceed ten percent (10%) of base salary paid in any year and must derive solely from non-state funding sources. Any campus that seeks to make contributions on behalf of its chancellor shall deliver a written request through the board of trustees to the president that describes its proposal for funding the contributions in accordance with the following requirements:
1. The request must identify and describe in detail the source(s) of funds from which the contributions will be made;
2. The request must state that the funds for the contributions will not, under any circumstances, originate from state funds or tuition revenues;
3. The request must specify the amount of the proposed contributions as a percentage of annual base salary, not to exceed 10 percent (10%);
4. The request must state that any contribution is voluntary, and that contributions may be suspended or discontinued at the discretion of the Board of Governors or the board of trustees;
5. The request must acknowledge that the contributions shall not be made in any year in which the funds identified and described by the campus are insufficient to support the contribution; and
6. The request must specify the vesting period that will apply to the contributions.
N.C. Gen. Stat. § 116-11(4); Section 500 B of The Code of The University of North Carolina.