Paterno in line for six-figure pension

[RandySF]

Former Penn State football coach Joe Paterno's long service at the university theoretically puts him in line for a pension of more than $500,000 a year, according to an Associated Press analysis of state public pension records.

Paterno's pension records obtained Tuesday from the State Employees' Retirement System credit him with more than 60 years in the system. The formula used to determine benefits makes him eligible for a pension equal to 100 percent of the average of his three highest-salary years.

His pay rose from $541,000 to $568,000 over the past three full calendar years.

When Paterno retires, he will have to make a set of choices to determine his pension, including whether to designate a survivor to receive benefits after he dies and whether to obtain a one-time, lump-sum payment of his own contributions.


http://msn.foxsports.com/collegefootball/story/Former-Penn-State-football-coach-Joe-Paterno-in-line-for-a-huge-pension-111511

[MADem]

1. More like "Half a seven figure pension." Geez, they sure throw money around, don't they?

That's more than the frigging President makes.

[gratuitous]

2. Let's just break his contract because we don't like how his career ended

And here I thought I was on Democratic Underground.

[Critters2]

3. I wouldn't be surprised if some of his behavior constitutes breach of contract itself. nt

[gratuitous]

4. Like what behavior?

I realize we don't have all the information yet (quaint concept, waiting on the evidence, but I digress), but I'm not aware of anything in Paterno's resume that would warrant his being done out of any contract benefits he's earned over the course of his career. We might not like the notion of Paterno receiving pension payments after being shown to have feet of clay, but his employer's contract obligations are still in full force and effect.

The alternative is a lawsuit . . .