Published: November 02, 2008 07:00 pm      

NMC drops $1 million life insurance policy

TRAVERSE CITY -- Northwestern Michigan College officials were scheduled to meet this morning to discuss President Tim Nelson's contract, but a plan to boost his life insurance to $1 million apparently is off the table.

A committee headed by NMC Trustee K. Ross Childs included the $1 million life insurance policy on a draft contract based on a suggestion by Nelson. It would have doubled his current $500,000 life insurance policy.

But the panel decided to drop the additional insurance coverage sometime after Nelson, Childs and NMC Board Chairman Walter Hooper were interviewed by the Record-Eagle for a story that appeared in Sunday's edition.

NMC spokesman Paul Heaton on Sunday said he did not know when trustees on the contract committee dropped the $1 million policy plan. He also did not know why they did so, Heaton said.

NMC e-mailed an electronic version of today's NMC study session agenda to the Record-Eagle on Friday afternoon. The agenda contains a draft of Nelson's contract that includes the $1 million policy proposal, but also has an addendum to the draft contract that lists revisions.