Penn State to Pay More Than $2.4 M to Former President
PHILADELPHIA—Former Penn State University President Graham Spanier, who was fired last year and is accused of covering up the Jerry Sandusky child sex abuse scandal, will be paid more than $2.4 million in severance and compensation.
According to a university press release:
“The University reported total taxable income for Spanier of $3,255,762 in 2011. This includes his $700,000 annual salary; and $82,557 of taxable benefits, as well as non-recurring compensation of $2,473,205 that Spanier was contractually entitled to under the terms of his 2010 employment agreement. Such non-recurring compensation includes contractually entitled severance payments of $1,225,000 and $1,248,205 of deferred compensation earned over Spanier’s 16-plus years as University president. Actual payment of the net amount of the deferred compensation after required tax withholdings ($860,637) will be deferred until June 2017.”
Tim Curley, Penn State’s athletic director who is on leave, and Gary Schultz, a retired vice president have also been charged in the scandal.
- Ex Penn State President Charged With Perjury
- Jury Finds Sandusky Guilty on 45 Sex Abuse Charges
- Freeh Finds Penn State Top Brass, Paterno Concealed Facts About Sandusky Allegations
- Child Sex Abuse: It’s More Prevalent Than You Think
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