Joe Paterno Earned $13.4 Million Pension From Penn State
The Associated Press reports that Joe Paterno earned a $13.4 million pension after working for Penn State University for 61 years. The money will go to Paterno’s widow, Sue, who will receive a first rate of $10.1 million by the end of May and the rest of the money in the next two years.
Joe Paterno continues to be perceived by many students at the Pennsylvania University as a legend, even though he was accused of complicity in Jerry Sandusky’ s case of child sexual abuse. Paterno spent 61 years of his life coaching the Penn State football team; thus gathering a remarkable pension of $13.4 million. Unfortunately, the 85-year-old coach died in January and he did not get the opportunity to enjoy his retirement.
His widow, Sue, is the person who will receive the pension, according to a recent statement released by the coach’s family. Given that it is a very large sum of money, the authorities will split the money into two rates. The first payment will be made at the end of May when Sue will receive $10.1 million out of the pension. The remaining $3.3 million will be gradually paid in the upcoming two years.
According to Paterno’s family, the pension was calculated using the standard formula provided by the State Employees' Retirement System. The family further added that they plan to donate $1.5 million to charities that are related to the Pennsylvania State University or similar colleges.
Paterno began his career as an assistant coach at Penn State in 1950. In 1966, he was promoted head coach and held Division I due to the numerous victories he scored throughout his career, namely 409. In 2011 he was accused of complicity after failing to report that his assistant Jerry Sandusky had had sexual intercourses with minor students. The coach was never convicted because he died a few months after the charges were brought against him.
Based on a report released in May 2011, Joe Paterno was the university’s top earner. Last year, he received a compensation package worth $1.02 million from the Pennsylvania University. However, those who have known him can confirm that the coach was never interested in making money; he was only passionate about football.