CONWAY, S.C. (AP) -- The president of Coastal Carolina University is getting a retirement package of up to $1 million.
The Sun News of Myrtle Beach reported the Coastal Educational Foundation board agreed Wednesday to fund the retirement annuity Coastal president Dave DeCenzo.
The Conway school's board of trustees asked the foundation to fund the annuity with an annual contribution of $100,000 through 2021.
DeCenzo could convert the annuity to cash at the end of the agreement.
He is currently paid $307,000 a year by the university and the Coastal Carolina University Housing Foundation, including a housing allowance and other perks.
Chairman Wyatt Henderson says the trustees agreed to the package, saying it was not excessive based on market value.