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.
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