The Iowa Board of Regents released a statement listing ISU President-Elect Steven Leath’s benefits.

Leath’s initial term will begin on Feb. 1, 2012, and will provide him with an annual salary of $440,000 and the usual benefits available to Iowa State faculty and administration, according to the statement.

In addition to the benefits, Leath will receive supplemental life insurance in combination with basic life insurance. The coverage will equal out to $1 million, according to the statement.

Leath will be provided with an IRS section 457(f) deferred compensation plan and trust. According to the statement, the monthly contribution to the trust will be $6,250, or $75,000 annually.

“Accrued compensation and earnings will vest and be distributed provided you remain continuously employed as President of Iowa State University through January 31, 2015 (three years from appointment date),” according to the statement. “Accrued compensation and earnings will also vest and be distributed if you become disabled or are dismissed by the Board of Regents for other than good cause.”

According to the statement, if Leath does not remain in continuous employment through January 21, 2015, for any reason other than death, disability or dismissal, without cause, all sums are forfeited.

Leath will also be able to live in the Knoll and will be provided with a car for business related uses.

He will be reimbursed for all moving expenses as well, according to the statement.