Schultz could be far more richly paid. He elected to receive a $421,847 lump-sum payment at the time of his retirement in 2009, after nearly 39 years of service.
He also receives a monthly pension payment of $27,558 — nearly the cost of tuition for two in-state freshmen at State College. That comes to nearly $331,000 a year.
I live in PA. I guess that means I'm contributing to this predator's pension.
And you are on the hook for significantly more than you used to be because: 1) Tom Ridge stopped the Commonwealth's contribution to the fund while governor, so the trust is significantly underfunded, even though the Commonwealth guarantees the trust by law, and 2) because the SERS administration lost over 25% of its assets in the Market Crash in 2008, and because 3) the administrators continue to pretend SERS is fully funded despite 1 and 2, and continue with a preposterous projection of 8% return on investments.
But note you ARE NOT on the hook because of Penn State. Despite the name, Penn State is not a state school, and outlays from the general fund do not finance Penn State pensions; there are no "Penn State" pensions. And not all PSU employees are part of SERS.