Spanier's Total Taxable Income $3.2 Million in 2011
Penn State released the details of former Penn State President Graham Spanier's compensation for 2011, reporting that his taxable income for the calendar year totaled $3,255,762 and his compensation is nearly $2.5 million.
Spanier's funds include a severance package that was established in an earlier employment agreement which he is now owed after he was fired from office Nov. 9, 2011 in connection with the indictment of Jerry Sandusky, according to Penn State Live.
Total taxable income for Spanier of $3,255,762 in 2011, that Penn State reported, includes his $700,000 annual salary and $82,557 of taxable benefits. Spanier was contractually entitled to severance and deferred compensation of $2,473,205, according to the terms of his 2010 employment agreement.
The amount includes a contractually entitled severance payment of $1,225,000 and $1,248,205 of deferred compensation earned over Spanier's more than 16 years as Penn State president, according to Penn State.
Penn State spokesman Dave La Torre said the net amount of compensation due will not be paid in full until 2017.
The severance package also will be included in information provided in the Penn State's Right to Know form to be filed with the state in May 2013.
Spanier was charged earlier this month with five counts in connection to the Sandusky child sexual abuse scandal. In what the Attorney General Linda Kelly called a 'Conspiracy of Silence,' the former president was charged with perjury, endangering the welfare of children, failure to report, criminal conspiracy and obstruction of justice.
Spanier, through his legal team, is pursuing a full dismissal of the charges.