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.

  • alpinequeen

    Ah, the cream of the one percent with an attitude to match.