Paterno Up for $500K Pension

But retirement system won't give official estimate
By Evann Gastaldo,  Newser Staff
Posted Nov 16, 2011 5:14 AM CST
Joe Paterno and his wife Susan stand on their porch to thank well-wishers gathered outside in State College, Pa., Wednesday, Nov. 9, 2011.   (AP Photo/Gene J. Puskar)
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(Newser) – Joe Paterno may be out his 46-year career at Penn State, but chances are he won't be going hungry: Joe Pa looks to be in line for a pension of more than $500,000 a year. The AP analyzed state public pension records and determined that Paterno, who has more than 60 years in the State Employees’ Retirement System, is eligible for a pension worth the full average of his highest three salary years. That would mean the past three years, during which he got a raise from $541,000 to $568,000.

The AP’s analysis is theoretical—a SERS spokesperson says the agency doesn’t give estimates because benefit limits may apply. Choices Paterno makes, such as whether to take a lump-sum payment of his contributions and whether a survivor will continue receiving benefits after his death, will also affect the final number. Last but not least, a long-service supplement could potentially boost his pension to 110% of the average mentioned above. (Sandusky, who withdrew $148,000 when he retired, receives a $59,000 pension. Click for more on why that's a disgrace.) Or click for more on Paterno, who transferred ownership of his house to his wife for $1 in July.

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