The new president of Virginia Tech will pull down about $700,o00 for his first year on the job, including a base salary of a half million, $180,000 in “deferred compensation” and a $20,000 car allowance.
Of course he will earn far less than football coach Frank Beamer, who will bank $2,491,616 “before bonuses” in the coming year. Tech, of course, argues that Beamer is paid with funds “earned” by the school’s lucrative football program and not from state tax money.
New Tech president Timothy Sands is paid from state funds and his new contract also allows for bonuses that, by themselves, could total more than the annual salary paid to most state employees.
Which raises a valid question: Are these people worth the money? If Tim Sands is worth $700,000 a year, why is a Floyd County school teacher’s salary valued at more than 90 percent less?
Why does Ronald D. Schmitz, chief investment officer of the Virginia Retirement Sustem, collect $670,313 a year when most state employees struggle to pay more and more into the VRS and face the increasingly-real possibility of reduced retirement earnings in the future?
As happens all too often in the increasing difference between the haves and the have nots, there are more questions than answers.