School Board raises Loden’s contract

TUPELO, Miss. (AP) - Tupelo schools superintendent Gearl Loden has a pay raise to go along with a new contract.

The Northeast Mississippi Daily Journal reports (https://bit.ly/QIDQkT ) Loden will receive an automatic 3 percent cost of living increase annually. The board also approved Tuesday a $6,000 annually in deferred compensation that will not be fully vested until the contract expires.

The board in January gave Loden a one-year extension. His contract now expires June 30, 2018.

He could receive an extra $24,000 in deferred compensation if he remains in the district until then. The vested amount is skewed toward the end of his contract, meaning if he leaves early, he would only be entitled to a small percentage of that amount.

The cost of living increase will raise Loden’s salary to $196,833 this year.

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Information from: Northeast Mississippi Daily Journal, https://djournal.com