Paterno up for $500k Pension, by Evann Gastaldo, The Newser, November 16, 2011

Paterno up for $500k Pension

By Evann Gastaldo
The Newser
November 16, 2011

www.newser.com/story/133441/joe-paterno-up-for-500k-pension-after-penn-state-ouster.html?utm_medium=goognews&utm_campaign=chan3_feed

In this Nov. 20, 2004, file photo, Penn State coach Joe Paterno waves to the crowd during an NCAA college football game in State College, Pa.

Joe Paterno and his wife Susan stand on their porch to thank well-wishers gathered outside in State College, Pa., Wednesday, Nov. 9, 2011.

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.