Pennsylvania State University's ousted president Graham B. Spanier received $3.25 million in taxable compensation for 2011 - including a $1.2 million severance payment given in the wake of his forced resignation that year, the university announced on Wednesday.
University officials said the severance payment and $1.24 million in deferred compensation earned over his 16 years as president were required under Spanier's 2010 employment agreement. The deferred compensation - actually $860,637 after tax withholdings - will be paid in June 2017, the university said.
However, the full $3.25 million will appear as Spanier's compensation for 2011 in public disclosure forms.
Also included in that amount is Spanier's $700,000 annual salary and $82,557 in taxable benefits.
Spanier was forced out on Nov. 9, 2011 in the wake of child sex abuse charges against the school's former assistant football coach Jerry Sandusky, who has since been sentenced to a minimum of 30 years in prison. He was charged this month with perjury, obstruction of justice, endangering the welfare of children and other counts.