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|Paterno In Line For Six-Figure Annual Pension
|HARRISBURG, Pa. (AP) -- An Associated Press analysis shows former Penn State football coach Joe Paterno is in line for a huge pension, thanks to six decades of service and recent salary of more than $500,000 a year.
Paterno's pension records obtained Tuesday from the State Employees' Retirement System show his average pay over the past three years was $554,000. He's been in the system long enough to qualify for 100 percent of that, or 110 percent thanks to a longevity supplement for older people who remain at work.
But Paterno hasn't retired yet. A number of factors could determine his pension amount, including Internal Revenue Code and Retirement Code benefit limits and how much cash he withdraws upon retirement.
The 84-year-old Paterno lost his job last week. He says he wishes he did more about abuse allegations against an assistant coach.
(Copyright 2011 by The Associated Press. All Rights Reserved.)