MALTA – A four-year contract for Kishwaukee College President Laurie Borowicz that carries a $190,000 annual salary was unanimously approved by the board of trustees Tuesday.
This is the third contract Borowicz has had since taking the position in January 2016.
“This definitely is a vote of confidence from a great board that has been very supportive of the services we provide and is very student-focused,” Borowicz said. “I’m proud to be serving as president and I look forward to another four years.”
Board Chairman Robert Johnson said it’s not uncommon for contracts to be renegotiated multiple times, especially for a president that has performed as well as Borowicz has.
“We want her to feel comfortable and that she’s wanted here,” Johnson said. “In my view, the contract gives an incentive for her to continue to do her best over time, and it’s a commitment for her to stay here. She’s a part of the college and the community, and we wanted her to feel like she could end her career here.”
Although most of the other provisions were the same as her previous contract, the amount the college could put toward Borowicz’s pension could significantly increase.
Under the terms of Borowicz’s previous contract, the board would make a $10,000 annual contribution to a tax-sheltered annuity for Borowicz. But under the new agreement, the board would make a dollar-for-dollar employer match for any personal contributions Borowicz makes to a tax sheltered annuity under current limitations.
Johnson said this means the board could potentially be putting about $25,000 toward her pension this year. Because Borowicz comes from out of state, Johnson said, this amendment was to give her the opportunity to gain similar benefits as in-state employees by the time she retires.
“If we’d hired someone from Illinois, we probably wouldn’t have done this,” Johnson said.
Borowicz’s original contract had her employed until June 30, 2019, at an initial salary of $175,000. The board would also make a contribution on behalf of the Borowicz to the State Universities Retirement System equal to 4 percent of her salary.
Johnson had said that Borowicz’s first contract was conservative since she had never served as a college president, but her new contract was more reflective of the work she has put into the college.
Her second contract, which was approved in February 2017, had her employed until June 30, 2021, at an initial annual salary of $185,000. In addition, the board would make an SURS contribution equal to 8 percent of Borowicz’s annual salary. This SURS contribution was also included in her current contract.