While former Penn State President Graham Spanier was likely busy sun bathing in the Bahamas or hiking the Alps, playing the washboard and doing magic tricks for natives of lands far away on his one year sabbatical, he was also taking home a hefty paycheck from the university.
In the name of transparency, Penn State released the details of Spanier’s salary for the past year. In total, Spanier’s taxable income amounted to $3,255,762, including a base salary of $700,000, $82,557 of taxable benefits, and $2,473,205 of nonrecurring compensation as part of his 2010 employment agreement.
The nonrecurring compensation consists of two severance payments totaling $1,225,000 and $1,248,205 of deferred compensation from Spanier’s 16 glorious years as Penn State president.
As people tend to say when one comes across a sizable amount of money, “Don’t spend it all in one place.” Unfortunately for Spanier, who is facing eight criminal charges for his role in the Sandusky scandal, he might have to spend it all in the Commonwealth of Pennsylvania, to which he is confined to as part of his bail agreement.