Report: Former Rutgers A.D. to Receive $1M after Split with School
(CNN) — Former Rutgers athletic director Tim Pernetti will get more than $1 million after his split with the university.
CNN has learned Rutgers will pay Pernetti his annual salary of more than $450,000 through June 2014.
And next month, Pernetti’s scheduled to receive a one-time lump sum payment of almost $680,000.
Pernetti remains eligible for up to $50,000 in bonuses, based on the school’s athletic, academic and financial successes.
The settlement agreement also includes a car allowance and health insurance and pension payments.
Pernetti resigned last week, two days after men’s basketball coach Mike Rice was fired over a video that showed him abusing players.