Pa. state pension system records show Paterno in line for six-figure annual benefit

[seafan]

Source: Washington Post

HARRISBURG, Pa. — Former Penn State football coach Joe Paterno’s long service at the university theoretically puts him in line for a pension of more than $500,000 a year, according to an Associated Press analysis of state public pension records.

Paterno’s pension records obtained Tuesday from the State Employees’ Retirement System credit him with more than 60 years in the system. The formula used to determine benefits makes him eligible for a pension equal to 100 percent of the average of his three highest-salary years.

.....

Paterno has not been charged with any crime, and state prosecutors have said he is not a target. But he has come under criticism for how he responded when a graduate assistant said he saw Sandusky sexually attacking a boy in the football team locker room shower. A grand jury report said Paterno contacted the athletic director but did not go to police, and he has said he wishes he had done more.

.....

The retirement system also confirmed Tuesday that Sandusky collects a $59,000 annual pension and withdrew $148,000 upon retirement.

Read more: http://www.washingtonpost.com/sports/colleges/apnewsbreak-pa-state-pension-system-records-show-paterno-in-line-for-500000-plus-per-year/2011/11/15/gIQAIysbPN_story.html

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One of these men committed child rape. The other looked away.



*#$&*^@ moral cowardice. Both should say goodbye to these fat pensions forever.

And at least one of them should see the inside of prison for a very long time.

[teddy51]

1. Wonder how he is going to spend that money in jail? Maybe he will be paying

to try and keep guys off of him.

[freshwest]

2. Half a mill a year buys good representation. Never serve a day, no matter what he did.

[teddy51]

4. Don't know, this guy has some serious charges to fend off and not sure he can do it.

He all but admitted his guilt in interviews that he has given. But hey, he a right winger so all bets are off.

[freshwest]

5. Sandusky's already sprinkling fairy dust on himself in interviews to whitewash himself. Sorry, but..

The media keep on letting these guys get away with polluting the jury pool that might be called, and they get plenty of other breaks. Like Sandusky on bail, give me a break!

We had a police chief blew his wife away, then his girlfriend got a huge package to go sit at home, as well as the city manager. All on the tax payer's dime while the poor, elderly and disabled are being told to find an ice floe.

Your tax dollars at work supporting the scumbags in their mansions, golfing at the private range, pigging out at the country club and getting pats on the back by the repuke churches and politicians.

Needless to say, they took the ladder they climbed up on and now look down on the peasants below them.

The least they could have done was to treat the kids right and stop supporting regressive policies. But that would be against their nature.

As you say, all bets are off.

[russspeakeasy]

3. hopefully he uses all his cash and has to sell one of his car dealerships.

[SoapBox]

6. Paterno is hiding his house and probably other assets...wonder how he will hide this?

Say Joe...since you are so good at hiding stuff, like a child touching perv, guess you will be good at hiding this too.

[seafan]

7. July 21, 2011: Paterno Transferred Ownership of Home to His Wife for $1

New York Times:

By MARK VIERA and PETE THAMEL
November 15, 2011

STATE COLLEGE, Pa. — Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university.

Documents filed in Centre County, Pa., show that on July 21, Paterno’s house near campus was turned over to “Suzanne P. Paterno, trustee” for a dollar plus “love and affection.” The couple had previously held joint ownership of the house, which they bought in 1969 for $58,000.

According to documents filed with the county, the house’s fair-market value was listed at $594,484.40. Wick Sollers, a lawyer for Paterno, said in an e-mail that the Paternos had been engaged in a “multiyear estate planning program,” and the transfer “was simply one element of that plan.” He said it had nothing to do with the scandal.

.....

Lawrence A. Frolik, a law professor at the University of Pittsburgh who specializes in elder law, said that he had “never heard” of a husband selling his share of a house for $1 to his spouse for tax or government assistance purposes.
“I can’t see any tax advantages,” Frolik said. “If someone told me that, my reaction would be, ‘Are they hoping to shield assets in case if there’s personal liability?’ ” He added, “It sounds like an attempt to avoid personal liability in having assets in his wife’s name.”

.....

This ain't "estate planning".


It's more like escape planning.


Lovely pension he's in line to collect, too.



Our society is diseased.