Incoming University of Massachusetts President Marty Meehan will be paid $525,000 in the first year of a five-year contract that could be bumped to more than $750,000 with perks.
The former congressman and UMass-Lowell chancellor starts on July 1 with a salary of $525,000. That grows to $602,500 by 2020 and includes a possible 11 percent annual performance bonus.
Meehan will maintain many of the same perks as outgoing President Robert Caret. Those include a $60,000 yearly housing allowance, $19,800 yearly insurance for life and a $12,500 automobile allowance.
UMass' 27th president will also receive an annual retirement contribution of 18 percent of his base salary, compared to Caret's 20 percent.
Trustees Chairman Victor Woolridge says Meehan "readily embraced" the contract.
UMass has four undergraduate campuses and a medical school.