7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
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.)
News management powered by Xpression News
 
Read the latest local sports stories by clicking here