5 day forecast
Paterno's pension is likely to top $500,000 a year
Share with others:
An Associated Press analysis shows former Penn State University football coach Joe Paterno is in line for a pension of more than $500,000 a year.
The AP examined records from the State Employees' Retirement System. Mr. Paterno's records obtained Tuesday show he's credited with more than 60 years in the system.
That means he's eligible for a pension equal to 100 percent of the average of his three highest-salary years.
Mr. Paterno's average pay was $554,000 between 2008 and last year.
It's likely he'd also be able to withdraw a considerable amount of cash in the form of his own contributions to the system and still get a $554,000 annual pension.
Mr. Paterno lost his job last week. But he hasn't retired, so those pension figures could change.
Penn State University's board of trustees has hired public relations firm Ketchum in the aftermath of the Jerry Sandusky child sex abuse scandal.
The New York-based company told The Associated Press Tuesday it was counseling the school's trustees but said that all other details about the arrangement remained confidential.
Ousted Penn State president Graham Spanier has resigned from the board at U.S. Steel. He had been a member since 2008.
U.S. Steel Corp. spokeswoman Courtney Boone confirmed Mr. Spanier's resignation Tuesday but declined to elaborate on the circumstances. U.S. Steel CEO John Surma is vice chairman of Penn State's board of trustees.
State Rep. Jake Wheatley, D-Hill District, Tuesday urged legislative leaders to create immediately a bipartisan House-Senate special legislative committee with full authority, including subpoena powers, to investigate the "critical situation" at Penn State.
Mr. Wheatley said the committee should do a comprehensive review of child abuse reporting requirements and procedures in both government agencies and institutions of higher learning.
In a related matter, The Meadows Racetrack and Casino has decided to sever its business relationship with former Steelers player Franco Harris, at least temporarily, according to KDKA-TV.
Mr. Harris, celebrity spokesman for The Meadows, is a Penn State graduate and was an outspoken supporter of Mr. Paterno after the coach was fired last week.
First Published November 16, 2011 12:00 am
