Details of former Penn State President Graham Spanier’s compensation for 2011 were released today, according to a release on Penn State Live.
Spanier’s taxable income for 2011 totaled $3,255,762 including a $700,000 salary, $82,557 in taxable benefits and a nonrecurring compensation of nearly $2.5 million that he was entitled to in his 2010 employment agreement.
Within the nonrecurring compensation, Spanier is entitled to severance payments of $1,225,000 and deferred compensation — which he earned over his 16 years as president — totaling over $1.2 million that he won’t receive until June 2017, according to the press release.
In May 2013, the university will file a Right to Know form to the state that will include information detailing Spanier’s severance package.
Read Thursday's edition of The Daily Collegian for more details.
