Paterno Up for $500K Pension

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. (More Joe Paterno stories.)