Joe Paterno coached at Penn State for 61 years, earning a state pension of $13.4 million. His widow, Sue, recently revealed that she will receive a bit more than $10 million, while the rest of the fund will be paid out over the next few years.
Spokesman Dan McGinn also revealed the family’s plans to donate $1.5 million to charities associated with Penn State or State College areas.
Paterno, a Hall of Famer, became Penn State’s top earner when he received a compensation package of $1.02 million from the university last year. The family explained, however, that the formula used to calculate the pension could not account for more than a $240,000 salary.
Though Paterno led Penn State to two national titles, the coach’s compensation was nowhere near as impressive as those of other famous college football coaches. Nick Saban of Alabama makes over $4.6 million a year, for example.
“Financial gain was never Coach Paterno’s top priority,” said McGinn. “He believed he was fortunate to work with great young men at one of the country’s premier academic institutions.”
He added that the Paternos have donated more than $9 million to Penn State, as well as to various non-profits.
“A commitment to give back to the community that had welcomed and supported them so fully was always a priority for Joe and Sue Paterno,” he said.