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

Graham Spanier will be receiving a $3.3 million severance package.

Hunter Martin

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.

Photographs by dizfunk used in background montage under Creative Commons. Thank you.