May 27, 2008
$2,000-an-hour consultant
You might wonder how George M. Philip--who has a demanding job as interim president of the University at Albany--has time to serve as a $100,000 consultant to his former employer, the Teachers Retirement System.
Turns out Philip's consulting gig--which was approved by the Commission on Public Integrity--requires that he spend only four hours a month offering investment advice to the Teachers Retirement System, reports the Albany Times Union, noting, "That works out to $2,083 an hour. On a yearly basis, it's the equivalent of a more than $4.1 million salary." Philip also has to attend some meetings and telephone advice.
Earlier, the Albany paper reported 60-year-old Philip is collecting the state's biggest pension, $261,000 based on his 37 years with Teachers Retirement System. He also is paid $280,000 annually as interim president of the State University campus, which hasn't had a permanent president since Kermit Hall died nearly two years ago.
As well as his UAlbany job and TRS consulting job, Philip sits on two corporate boards: US Airways (collecting last year $59,000 in fees and $60,282 in stock options and expenses): and First Niagara (at least $15,000 plus benefits).
John Cardillo, a spokesman for the TRS, said Philip's work with the two publicly traded companies has no bearing on the retirement system's $100 billion portfolio since the stocks are in index funds and are passively managed.
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