Pay raises have been approved for the three presidents of Iowa's state universities.

Iowa State University President Steven Leath, University of Iowa President Sally Mason and University of Northern Iowa President Ben Allen will all receive a pay raise of 2 percent.

The Iowa Board of Regents approve the measure during its meeting on the University of Northern Iowa campus today.

In past years, the Regents had increase the presidents' salaries by 4 percent. Regents President Craig Lang said the smaller increase reflects the reality of current budget an economic challenges.

"If we ask the universities to limit their budget increases by a 2.5 percent increase, we think we should lead by example," he said.

Leath's base salary will increase from $440,000 to $448,800. Mason's base salary will increase from $483,600 to $493,272. Allen's base salary will increase from $332,800 to $339,456.

In addition to those increases, two other administrators received increased financial benefits.

Iowa Braille School Superintendent Patrick Clancy also received a 2 percent raise, increasing his salary from $163,580 to $166,852. He was also awarded a performance bonus of $10,000 and an increase to the annual contribution to his deferred compensation plan by $10,000, from $40,000 to $50,000.

Regents Executive Director Roberty Donley was awarded a performance incentive of $5000 resulting from his fiscal year 2012 evaluation, and a performance incentive of $5000 was created, if awarded, to be paid after next year's evaluation. In addition, the board authorized a 26-month deferred compensation plan, to start July 1, 2012, and end August 31, 2014, with an annual contribution of $25,000.