Paterno in line for $500,000-plus pension

Originally posted by nixie_nox
Why should a football coach get a 500k pension over professors?

The answer to your question can be found in relpobre000's post found above:

Penn State football brought in over 70 million dollars a year to the University.

It is all about money, big money.

Originally posted by Maxmars
reply to post by jed001

 

He can expect to get what he contracted for. The question remains if the contract disallows for termination due to criminal allegations.

Which he hasn't been subjected to and most likely won't be.

If you paid into your pension for 61 years, you'd have quite a bit in there, too. Maybe not enough to get a $500,000 payout, but you'd get a substantial amount.

Of course, Mr. Paterno will no doubt be facing a long and troubled road involving civil litigation, so the half million dollars is likely to 'go away' rather quickly, unless his "estate planners" have managed to conjure up another legal trick (like selling real property to his wife for obscenely undervalued terms.)

I wonder if they knew in July this would be 'surfacing'?

The man is 84 years old. I see no reason to doubt him on this one. For all we know, he may be ill or something. But IMO transferring your assets to your spouse before you're incapacitated is a smart thing to do.

The man is 84 years old. I see no reason to doubt him on this one. For all we know, he may be ill or something. But IMO transferring your assets to your spouse before you're incapacitated is a smart thing to do.

the timing of this transfer just seems a little shady to me, like he knew all of this was coming and he wanted to protect himself from being sued . once again it just seems morally wrong

The man is 84 years old. I see no reason to doubt him on this one. For all we know, he may be ill or something. But IMO transferring your assets to your spouse before you're incapacitated is a smart thing to do.

reply to post by HappyBunny
True enough.

It is rather interesting that he had already testified before the grand jury by this point, and may have had reason to suspect that he will be a target of civil suits.

I can't blame him for wanting to protect his wife and heirs to some degree.