Former President Gary Russi is retiring with almost a quarter-million dollars from Oakland University.

According to a retirement agreement, Russi is receiving $225,000 in deferred compensation. The money will be paid out in two installments: the first Sept. 1, 2013 and the second Jan. 15, 2014.

According to a deferred compensation agreement signed 2011, Russi would forfeit all accrued compensation if he resigns before June 30, 2014. It did not say what would happen if Russi were to retire.

The retirement agreement, signed July 1, was contingent upon the approval of the Board. The Board approved it unanimously with no further discussion August 12.

Russi will also be compensated for unused vacation days. It is unknown how much this amounts to.

The University is also transferring ownership of the following items to Russi:

• desktop computer

• laptop

• portable printer

• iPad

Russi remains eligible for medical, dental, optical, long-term disability, and life insurance, in addition to retirement benefits.

Russi’s wife, Beckie Francis, was fired with cause June 12, the same day he announced his retirement.