Give Now

Former Ivy Tech President Tom Snyder Received $1 Mill Payout

tom snyder

Photo: Talk Radio News Service (Flickr)

Ivy Tech President Tom Snyder speaks in 2014 at the Senate Health, Education, Labor and Pensions Committee Full committee hearing on college affordability.

The former president of an Indiana community college received a retirement payout worth more than $1 million despite the university’s struggle with budget cuts.

Tom Snyder retired as president of Ivy Tech Community College in June 2016, the South Bend Tribune reported .

He reached a separation and general release agreement with the college’s board of trustees about two weeks later. The college agreed to pay Snyder the lump sum severance amount, minus what the college contributes toward his retirement plan.

College officials said the payout includes salary for 2016-2018, deferred compensation, vacation and sick pay payout, and taxable vehicle and personal use funds.

The college’s payments to Snyder ended in 2016 and he isn’t receiving compensation from the college in 2017, college officials added.

Snyder’s retirement came at a time when the community college system’s enrollment had dropped by 25 percent over three years. The university laid off employees and left positions unfilled in response to the loss of revenue.

Legislators put Ivy Tech construction plans on hold in 2015. They ordered the Indiana Commission for Higher Education to review and restructure the college’s programs that had low graduation rates.

The payout wasn’t revealed at the time of Snyder’s retirement. The newspaper requested the details of the payment through a public records request.

The college has made similar settlement agreements with other employees. In the past year, the college’s north central region settled for $30,000 and nearly $40,000 with at least two former administrators. The settlement agreement requires the employees not to sue the college.

The board considered more than 30 candidates and unanimously elected former Lt. Gov. Sue Ellspermann to be the college’s next president. She signed an initial three-year contract and earns about $300,000 a year.

Want to contact your legislators about an issue that matters to you? Find out how to contact your senators and member of Congress here.

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Support For Indiana Public Media Comes From

Search News

Stay Connected

RSS e-mail itunes Facebook Twitter Flickr YouTube

Follow us on Twitter

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Recent Education Stories

Recent Videos

Find Us on Facebook