University of Memphis officials said Wednesday that Athletic Director R. C. Johnson's retirement is actually a mutual agreement between him and The University.
Johnson will remain on The University's payroll until his contract ends on June 30, 2013, one year after his announced retirement date.
U of M Legal Counsel Sheryl Lipman said Johnson did not break his contract under his mutual agreement with The University, and therefore they remain bound under said contract to keep him on the payroll.
Johnsons will continue to receive his annual salary of $316,725, which is pulled from the athletic department's nearly $38 million budget. The budget consists of both state and donated funds. Johnsons will be paid on a monthly basis, Lipman said.
She said $73,000 of Johnson's salary, however, comes from an endowed fund that was set up previously to raise money for his salary, which at one time was the lowest of athletic directors in the country.
Former head football coach Larry Porter, who was fired Sunday, remains under contract with The U of M until 2015. Lipman said The University will continue to pay his $754,890 total packaged annual salary until then, most of which consists of private funds.
The $167,890 of Porter's salary that isn't donated will be paid for out of the athletic department's budget. His buyout will total more than $2.2 million over the three years
A stipulation in Porter's contract, however, states that if he takes another job while The U of M is still buying out his contract, The University will only pay him the difference, if any, between his new salary and his former salary as head football coach of the Tigers.
