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Report: Former Rutgers A.D. to Receive $1M after Split with School

(AP Photo/Mel Evans, File)

(AP Photo/Mel Evans, File)

(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.

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WGGB encourages readers to share their thoughts and engage in healthy dialogue about the issues. Comments containing personal attacks, profanity, offensive language or advertising will be removed. Please use the report comment function for any posts you feel should be reviewed. Thank you.
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