"EdFund's board of directors on Thursday deferred action on a proposed severance package that would have granted the student loan guarantor's executive staff over $3 million upon the sale of the Rancho Cordova-based nonprofit corporation," the Sacramento Bee reports. "Instead, the board passed a resolution directing an executive committee made up of some board members to study whether anything should be done to retain key employees. Republican senators, meanwhile, urged EdFund board members to call off the proposed severance package for seven executives."