By David La Torre, Penn State
UNIVERSITY PARK – Penn State today released details of former President Graham Spanier’s compensation for calendar year 2011, including a severance package established in his earlier employment agreement and triggered by his removal from office on Nov. 9, 2011.
The University reported total taxable income for Spanier of $3,255,762 in 2011. This includes his $700,000 annual salary; and $82,557 of taxable benefits, as well as nonrecurring compensation of $2,473,205 that Spanier was contractually entitled to under the terms of his 2010 employment agreement.
Such nonrecurring compensation includes contractually entitled severance payments of $1,225,000 and $1,248,205 of deferred compensation earned over Spanier’s 16-plus years as University president. Actual payment of the net amount of the deferred compensation after required tax withholdings ($860,637) will be deferred until June 2017.
The severance package also will be included in information provided in the University’s Right to Know form to be filed with the state in May 2013.