Jensen’s severance roughly triple what CMC contract allowed
January 9, 2013
GLENWOOD SPRINGS – The $500,000 severance payment to former Colorado Mountain College President Stan Jensen was approximately three times what he normally would have been entitled to, according to a review of Jensen’s employment contracts from 2008 through 2012.Attorney Tim Whitsitt, who was hired in December by the CMC board of directors specifically for employment issues, confirmed on Monday that Jensen would have been entitled to slightly more than $149,000 in a salary payout on the day he resigned plus coverage of medical insurance premiums for nine months, under the terms of his normal contract.”It was nine months of pay and nine months of medical insurance premiums,” said Whitsitt on Monday, adding that he was not sure of the value of Jensen’s monthly health insurance benefits.Jensen was earning $198,800 per year when he resigned, along with a package of perks and benefits worth more than $72,000 a year.Jensen had been president of the six-county college district since March 2008. He resigned on Dec. 27 during a telephone conference call with the college’s board of trustees, following weeks of negotiations.As part of a mostly secret separation agreement, Jensen received severance pay of $500,000, which is more than two-and-a-half times the amount he was earning annually during his last year on the job.He was also paid half his annual salary, $99,400, for his six months of work in the 2012-2013 fiscal year, which runs from July 1, 2012, to June 30, 2013, Whitsitt said.College officials, citing a confidentiality clause in the separation agreement, have said very little about Jensen’s resignation.
A review of Jensen’s 2008 contract and annual contract amendments from 2009 through 2012 by the Glenwood Springs Post Independent revealed a growing package of benefits.CMC’s general counsel law firm, Beattie, Chadwick & Houpt of Glenwood Springs, released the contracts and amendments in response to a open records request filed by the Post Independent under the state’s Sunshine Law.The latest contract amendment, dated July 1, 2012, extended Jensen’s contract through June 30, 2014.