September 29, 2020 : By Office of Communications & Public Engagement
Today, Liberty University paid its former president, Jerry Falwell, Jr., the severance owed under his employment contract. Media reports regarding the size and terms of the severance to be paid upon the employment separation of Liberty University and Mr. Falwell, Jr. are incorrect. As Liberty University has already stated, Mr. Falwell’s severance compensation was dictated by the terms of his pre-existing employment agreement without any adjustment by the University or its Board.
There was no severance and no retirement negotiated in exchange for Mr. Falwell’s resignation last month. By his pre-existing contract, Mr. Falwell is entitled to two years’ base salary as severance. Additional compensation that Mr. Falwell receives under his agreement following his resignation are only accrued retirement benefits. These accrued retirement payments reflect reasonable terms after 30 years of service to Liberty, with 13 as university president.
Under Mr. Falwell’s tenure, Liberty University has grown from a regional Christian college to a world-class Christian academic institution with a strong financial base, including an endowment of more than $2 billion.