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Joe Paterno built up a $13.4-million pension

May 23, 2012|By Houston Mitchell
  • Joe Paterno died in January after a 61-year career at Penn State.
Joe Paterno died in January after a 61-year career at Penn State. (Gene J. Puskar / Associated…)

Joe Paterno accrued a state pension worth $13.4 million during his coaching career at Penn State, a family spokesman said.

Paterno's widow, Sue, will receive an initial payment of $10.1 million by the end of May, with the rest to be paid out over the next two years.

The calculations were made through the standard formula for anyone in the State Employees' Retirement System, according to his family. Paterno never began drawing his pension.

Paterno died in January at age 85, weeks after he was dismissed amid child abuse accusations involving an assistant coach. Paterno began working at Penn State in 1950 and was named head football coach in 1966.

Paterno family spokesman Dan McGinn said Tuesday that the family also planned to donate $1.5 million to Penn State-related or other area charities.

Including the $1.5 million announced Tuesday, McGinn said the Paternos have given roughly $9 million to Penn State or other charitable causes.

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The Associated Press contributed to this report. 

Joe Paterno built up a $13.4-million pension


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