The Higher Education Policy Commission approved today the application of a presidential contingent deferred retirement program, paid entirely from private funds from the WVU Foundation, for the president of West Virginia University.

Under the program, payment is deferred until the age of 65 and several eligibility restrictions are imposed. The retirement program will pay $750 per month times the number of years an individual serves as president of WVU .

WVU President David C. Hardesty Jr. will be eligible for the program, along with future presidents of WVU . Hardesty, 58, is in his ninth year of service to WVU . If he completes his current contract in 2007, he will be eligible for the annual benefit at age 65. He now receives an annual salary, which is limited by statute, and no other compensation.

The WVU Board of Governors unanimously requested the program from the WVU Foundation as a means of recruiting and retaining highly qualified University presidents now and in the future, said CurtisHankBarnette, Board chairman. Barnette expressed his appreciation on behalf of the Board for the unanimous actions of the Foundation in establishing the program and to the Policy Commission for its approval today.

Douglas J. Leech, Board vice chair, said,Under President Hardesty’s leadership, WVU has accomplished many extraordinary advancements. There have been record-breaking accomplishments in enrollment, fund raising and sponsored research. In addition, WVU has just completed a major building master plan on the main campus and has commenced a $250 million expansion on the Robert C. Byrd Health Sciences campus. All key indicators with which the University is being managed and evaluated are at record levels.

Barnette added,David Hardesty has distinguished himself in many areas since assuming the presidency of WVU . The four-year evaluation of the president was completed last year, and he exceeded all evaluation criteria. He is widely respected for his leadership role with the Big East and the Bowl Championship Series, and he is the first university president to ever chair the prestigious National 4-H Council. Given the success achieved by WVU during Hardesty’s tenure, the WVU Board of Governors is grateful to the WVU Foundation for providing this important program for an extraordinary leader.”

Barnette noted that if the president dies before his spouse, she may be eligible for one-half of the payment that would otherwise be made to the president. The program also includes restrictions, including: a president must serve at least five years to be eligible, the president and spouse are not permitted to engage in any work or activities in conflict with the interests of WVU , and the president and spouse, if requested, must remain available for consultation following retirement.

Since 1995, when Hardesty became president of WVU , the institution has added many new academic, research and student-centered programs. A new student recreation center, visitors center, life sciences building and library have been constructed, and a recent capital campaign exceeded its $250 million fund-raising goal by $86 million. Enrollment, now at 24,260 on the main campus, has climbed by 3,195 full-time students since 1995 and is expected to increase again next year. Enrollment statewide at WVU and its regional campuses is over 32,000.