FORMER PENN STATE FOOTBALL COACH 60 YEAR SERVICE PUTS HIM IN LINE FOR A PENSION OF MORE THAN $500,000 A YEAR
Sun, 20 Nov 2011 09:08 PM EST
Previous Penn State soccer coach Joe Paterno’s long service at the school theoretically places him in line for a pension of more than $500,000 a year, according to an Associated Press research of state public allowance records. Las Vegas odds
Paterno’s pension records got Tuesday from the state Employees’ Retirement System credit him with over Sixty years in the system.
His pay rose from $541,000 to $568,000 over the last 3 full calendar years. The formula used to figure out benefits makes him eligible for an allowance equal to One hundred percent of the average of his 3 highest-salary years. Vegas odds
When Paterno retires, he is going to have to make a group of choices to determine his allowance, including whether to designate a survivor to get benefits after he dies and whether to obtain an one off, lump-sum payment of his very own contributions. There is also a long-service supplement that would boost Paterno to 110 percent of his final average income.
State Workers’ Retirement System spokesman Pamela Hile said Internal Cash Code and Retirement Code benefit boundaries might also apply, so that the agency does not issue estimated allowance benefits ahead of time.
A 2006 report on Pennsylvania state allowances said the biggest annuity at that time inside SERS was $254,000, being collected by a Penn State surgery professor who had withdrawn a $554,000 lump sum.
Paterno hasn’t been charged with any crime, and state prosecutors have claimed he is not a target.
Paterno, 84, was sacked as head soccer coach last week after his onetime top assistant Jerry Sandusky was charged with sexually abusing boys, including some on campus, for more than 15 years. But he has come under criticism for how he answered when a graduate aid asserted he saw Sandusky sexually attacking a boy in the football team locker room shower.
Sandusky has denied the claims against him, acknowledging he showered with small boys and cuddled them but saying his behaviour was nothing more than horseplay. A grand jury report declared Paterno made contact with the athletic director but didn’t go to police, and he has said he wishes he had done more. He told NBC News ‘ “Rock Center” on Monday that he is not a sex offender, but should not have showered with the boys he is charged with sexually attacking.
The retirement system also confirmed Tuesday that Sandusky collects a $59,000 annual allowance and withdrew $148,000 upon retiring.
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