AP: Paterno in line for $554,000 annual pension
Tuesday, November 15, 2011
HARRISBURG, Pa. (AP) -- An Associated Press analysis shows former Penn State football coach Joe Paterno is in line for a pension of more than $500,000 a year.
The AP examined records from the State Employees' Retirement System. Paterno's pension records obtained Tuesday show he's credited with more than 60 years in the system. That means he's eligible for a pension equal to 100 percent of the average of his three highest-salary years.
Paterno's average pay was $554,000 between 2008 and last year.
It's likely he'd also be able to withdraw a considerable amount of cash in the form of his own contributions to the system and still get a $554,000 annual pension.
Paterno lost his job last week. But he hasn't retired, so those pension figures could change. His actual pension will depend on several factors.