Updated: Mon Sep. 21 2009 17:17:30

ctvcalgary.ca

U of C president Harvey Weingarten steps down next January and will receive a pension payout of $4.75 million dollars.

The deal is not a lump sum but is to be paid out over the course of Weingarten's lifetime.

The figure was not made public for several years and that has sparked an investigation by the Auditor General's department.

The chair of the university's board of governor's says not including the full amount was a record keeping oversight that has since been corrected.

"It was a miscommunication between what the obligation that had been incurred in relation to the pension was and the reflection of the same by the financial people and the financial statements," said Board Chair, Jack Perraton.

The president of the Faculty Association at the U of C says the error points to a lack of transparency on campus and the figure itself is hard to swallow during these tough economic times.

"The issue is proportion," said Faculty Association President, Anne Stalker, "let's have the right proportion between the president's benefits and faculty member's benefits and staff at the rest of the university."

The auditor general investigated the oversight and say it is now properly accounted for on the university's financial statements.

Comments are now closed for this story

Jackie
This doesn't surprise me at all. I think it is interesting that they never caught the mistake earlier on. There are 200 staff members being laid off if not more. Students are having to be in bigger class sizes. They are putting more students in classes then what the class size can hold. But, Harvey gets his big pension. He has put the University into debt and is trying to cut corners left and right but, he gets his raise. Somehow it just doesn't add up.

OMG
This is totally unbelievable!

And what does the support staff get as pay in order to keep the University operational? What about the volunteers; and most of all those students who are barely scraping by in order to pay their tuition. That's if they can even afford to go to University.

This is criminal!

Cindy in Calgary
How about we change the Student Loans to Student Grants!!! Now that would be a good idea...right.... I know off topic but hey one crazy idea for another...tit for tat!

Syl S
Just one more reason our education system, our province and our country is in so much financial distress. This guy's salary and pension, like so many others in the public service, are way over the top. Most of them arn't worth even one quarter of what they get paid.

Heather
I sure hope he turns around and donates that money right back to the University! Corporate and private citizens are being wooed to donate large amounts of their hard earned money to support research and innovation in this city, province, country. That the U of C would turn around and dump such an outlandish amount of money in one person's lap is disgusting and incredibly insulting.

Vince Em
Shouldn't he have to look after his own retirement like the rest of us? What - did he not get paid enough during the month?

Steve-O
It's good to be The Prez!


Crazy.

Reality
Did anyone read the actual article. His pension is reflective of his years of service combined WITH another institution. If you were in that position would you be complaining???

By the way, for those who think your tuition is going up to pay his pension...YOU ARE WRONG! Actually ask someone, either in your students' union or admin staff and they will tell you the reason why it's going up is because of our government...not to buy someone out!

Figure your facts out before you whine and complain about something that you are jealous of!

Marilyn
If there is that amount of money to give one person why isn't University free? With that amount of money we could educate thousands and pay teachers better,

Eric
As a graduate of the U of C, I will now be hard pressed to make any further donations to my alma mater. This is patently criminal and will only add to the fury of class differentials. Where the h*** has fairness gone in our world?

YD
4.7 M$ for how many years of services ?

What kind of retirement deal does a regular professor get ? After how many years ?

How much more work than a regular professor did Harvey do ?

I guess he'll be coming back teaching the MBAs on how to make a lot of money fast !

gunther
The EGO and the GREED will ride the gravy-train as long as possible, and those that "have" and those that "have not" will continue to grow (just as predicted). But, roll on Dec 2012 when all will be exposed and rectified!!!

Reallife
It is absolutely disgusting that for 9 years of work at the UofC he gets that much money. Quite frankly though, I cant be mad at Harvey. I mean, if somebody is dumb enough to sign a contract saying I'll get 4.75 million dollars for 9 years of work, you'd better believe i'd hop on it. The school is to blame not the man that took the offer, its not his fault that the school is giving him a dump truck load of cash.

Donald K Munroe
Two words to describe it...

OUTRAGELY RIDICULOUS

smells
Take a look at the March 31, 2009 U of C Financial Statements (link found on Financial Services website at U of C). Note 16 Salaries and Benefits (5) states: On January 25, 2007 a Statement of Principles was signed and the President was credited with 22 years of past service from his previous employer effective September 1, 2001, the first day he served as President of the University.

Does it not seem odd that this Statement of Principles was signed in 2007, 6 years after the President was hired

Does it not seem odd that this past service crediting was not signed as an agreement in 2001 when the President was first hired

Does it not seem odd that on the Presidents first day of work he was credited with 22 years of past service (with the Statement of Principles signed in 2007 not when he was first hired in 2001)

Does it not seem odd that this information was not disclosed to the External Auditors from 2001 to 2007

FOIP the Presidents 2001 and 2007 agreements. We the taxpayers are paying for this, along with the 200 plus employees that are going to be laid of shortly.

michelle
pretty scary that an academic with 9 yes on the job gets 4.5 million, while firefighters with over 20 yrs on the job retire with a payout that is under 700,000. i think those fellas do much more for us!

adam
4.75million?!?!? Isi'nt the UofC a place of knwolage?

Duane Olson
Harvey must be another member of " The Good Friends of the Ralph Klein Club"

t peterson
Disgusting... doesn't make sense to the normal working citizen... hence it doesn't make sense

twinchin
Great to be rid of him. Price is unjustified. Next?

adam
As much as this is a lot of money, did anybody watch the news this morning. I forget where he worked before. But when he came to the Uof C he transferred his pension that he had collected for 22 years at his last job, to the U of C. so its not that big of a deal. he paid into it. The only part that is bad is that the U of C had no documents on this. blame the book keepers not him

JP
UofC is hands down one of the worst universities in Canada.

This idiot's pay out is all the proof you need. He was directly responsible for exposing the university to the credit default swap trading "investments" that has now cost every department 12% of their budget in the past 2 years.

And he gets 4 million bucks for doing so. We reward incompetence and outright failure these days people. Just get a job and run the business you work for into the ground - you'll be rewarded handsomely.

ME
I always knew U of C was a hellhole. Now I've actually witnessed it. I can see people boycotting U of C now that MRU is active.

Ben, Edmonton
Unfortunately this is not uncommon. The U of A president (Samira something-or-other?) makes $650,000 per year. I don't know what she does, but I have received her recycled welcome letter in my e-mail for each of the last 5 years. Meanwhile there are students on campus that rely on the food bank.

Shelley
I am one of those employees who was laid off after 19 years this past spring due to budget cuts. I am absolutely disgusted with the pension payout he will be receiving knowing that my co-workers are losing their jobs due to budget cuts. Obviously there is enough money at the top but not enough to support the people below. How do these people sleep at night?

Ken
I don'teally see what's wrong with this at all.
I'm retiring next year and I get...OMG..$975.00 a month from CPP!
And that's after busting my butt for 30 yrs. in construction!
This province makes me puke! First it's Ed whts-his-name, then Bronco and his gang and now this (deleted).
Yeh, retirement in some country other than Canada is sure looking good!

Outraged
It seems each day brings a new revelation of greed and excess. Who is the idiot who negotiated the contract with Weingarten? This person should be revealed and called to account why 9 years of service should provide for nearly $5 million in pension benefits. A university graduate myself, I spent the last 8 years of my career with a large telecom company in western Canada and came away with only $31,000 in pension benefits! I feel for the poor students who see this situation and realize that their quality of life will never be as good as Weingarten's.

Charles
Its very disturbing when the U of C looks for donations, to make payments like this, while students find it hard to pay the fees.
Someone made a good point. Who is the auditing firm???
Like so many payouts that have come to light lately, they all seem to have fallen thru the cracks, we didnt realize it was that much, or whatever other conveniet explanation comes to mind.
Rest assured our family money wont be making it to the coffers of the U of C, which is a shame. The university needs donations, but they now need to prove to the providers that they have a management structure in place to stop this kind of thing.

Charles
I was graduated from UC, that's the reason why I never donate a penny to them whenever someone call or mail letters to us to beg for money. This institution is not as famous as other Canadian Universities, but the tuition fee is higher than the famous one.

Mike
Well done!!!Recession is over...
It's different here !!!Strip everything if you can.

Jim Crowley
As a former U of C faculty member many years ago, there is nothing that ceases to amaze me anymore when it comes to the machinations in that institution. Hike student tuition fees, hire part-time staff, limit salaries and cut every possible corner there is but then give a golden handshake that rivals anything in industry, and more!

All of that seems to make perfect sense, academically speaking of course.

Beth
$4.75million says he's never cleaned a toilet in his life. If he had, maybe then he'd deserve 1/10th of this pension amount.
My heart goes out to everyone who got laid off in light of this (and Harvey's pals getting hired to fill their spots).

Glenn
Harvey is just another hog at the the public trough!
What a surprise!!
When oh when oh when is the age of
Self-Entitlement going to end?
They're right back at it on Wall Street and the streets of Calgary!! Same difference!
No one is worth this much money!
Period!

Mike Coe
What the heck is wrong with U of C for goodness sake ! Are they utterly stupid giving out such an outrageous sum of money when students have to scrape up money to attend University? And I don't care what anyone says. No one in this mans position is worth over 4 million dollars for retirement ! Come you idiotic members running the University Get with it! Get real! This is discusiting. I think Governmental intervention is primarily required here!

Coby
Nine years on the job, with all my respect,is not a basis to receive $4.75 million.Students have to work many extra hours to pay for their study besides attending school. And while citizens struggle to keep financially going, a lot of 'big shots' just turn there back toward the problem. So long they don't have to suffer themselves, it seems they don't care for there fellow citizens. They show us stronger then ever that we are living in a 'me first' society.
What counts in live, are the LITTLE things. Let us be aware of the LOVE in live, not the money. Coby Medicine Hat

TJ
...and tuition hikes? Absolutely ridiculous!

Jesse
What's a bit more of a concern is that a material accounting error like this wasn't caught during his 9-year tenure.
One would think that Weingarten would review the financial statements and notice his own pension liability wasn't included (perhaps some politics are involved there).

Who audits the U of C's books?

Vern Mathison
Where can I get a job that has a $4.75 Million pension for only 9 years work? Not even politicians get that much! Granted it is and important job but the pension is out of touch with the rest of the business world I think. Who brokers these deals?

d smith
NONSENSE!

JIM ANDERSON
Absolutely Outrageous, $500,000 in benefits for every year of work ... sign me up !!

SAILENE
NO ONE AND I MEAN NO ONE ON EARTH MOVIE STARS FOOT BALL OR HOCKEY PLAYERS NO ONE IS WORTH THAT MUCH MONEY NOT EVEN ONE MILLION NO WONDER WE ARE IN A RECESSION

FOR GODS SAKE GET A GRIP HERE

SOME ONE HAS TO REIGN IN THE MONEY PAID OUT

Freda Stewart - Calgary
Well I do hope there is a requirement that the U of C must pay this obscene amount out of its own budget. Perhaps it will smarten up the next keeper of the books. How can anyone forget over four million dollars?

KLK
I'm sure he was worth every cent (roll eyes). How long has he been president?

Wade Neilsen
So, tuitions are beyond many people's wildest dreams and reach so he can be a multi-millionaire..?
At least now we know where the money goes. :(

Don
Sickening! Nothing else needs saying.

Tom
I wish I could get that much money for doing absolutely NOTHING good to the University! Students, this is where your annually increasing tuition goes. Who's next in line? The Dean of Engineering?