Graham Spanier, ousted a year ago as Penn State University's president amid the Jerry Sandusky child sex abuse scandal, is receiving a severance and salary package totalling nearly $3.3 million, the Pittsburgh Post-Gazette has learned.
Mr. Spanier, 64, charged criminally earlier this month in an alleged cover-up of Sandusky's crimes, served more than 16 years as president of the state's flagship public university until he was forced to resign as the scandal exploded into the headlines.
He remains a tenured faculty member but was placed on leave Nov. 1, the same day state Attorney General Linda Kelly announced that Mr. Spanier had been indicted on charges including lying to a state grand jury.
According to university data, Mr. Spanier's total compensation in 2011 was $3,255,762.
That includes his $700,000 salary as president, $82,557 of taxable benefits and one-time compensation totalling $2,473,205, which Mr. Spanier was entitled to under the provisions of his 2010 contractual agreement.
The one-time payout includes severance payments of $1,225,000 and $1,248,205 in deferred compensation, which Mr. Spanier earned during his tenure as Penn State's president
The university expects that the net amount of the deferred compensation, after required tax withholdings totalling $860,637, will be deferred until June 2017.
Mr. Spanier had been among the nation's highest paid university presidents.
Read more: http://www.post-gazette.com/stories/...#ixzz2Da2fv8pe
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