Penn State scandal: Graham Spanier getting $3.3 million severance package

Former Penn State University president Graham Sapnier will be receiving a $3.3 million severance and salary package, according to Bill Schackner of the Post-Gazette.

Spanier held the position for 16 years prior to being forced to resign amidst the Jerry Sandusky child abuse scandal. The former president is a tenured faculty member and was officially placed on leave on Nov. 1, when he was charged with the alleged cover-up of Sandusky's crimes. In addition, Spanier faces charges of lying to a state grand jury.

Spanier is collecting $700,000 for the past year, during which he was on paid sabbatical. The rest of Spanier's severance compensation will come in the form of two payments; the first of which will be for $1,225,000, while the second will be a deferred payment of $1,248,205 in June of 2017. After taxes, the university believes that the deferred payment will come out to a total of $860,637. The severance also includes about $82,000 in taxable benefits.

Spanier's resignation was announced on Nov. 9, which is the same day the school announced the firing of head football coach Joe Paterno.