By Matt Sugam
Tim Pernetti won’t be leaving Rutgers with empty pockets.
Pernetti, who resigned from his position as Athletic Director today amidst the Mike Rice fallout, will receive $1.2 million from Rutgers for his resignation, according to The Star-Ledger.
Pernetti will be paid the full base salary of his contract, which is $453,000, through June of 2014, plus any bonuses based on academic progress of students, financial goals and competitive success of any of the schools revenue generating sports.
In addition, he’ll get a lump-sum payment equal to another year and a half of salary.
Pernetti will also keep his $12,000 automobile stipend through 2014, and health and pension benefits through October 2015. He will also get to keep his Ipad and laptop.
The severance package is worth more than $1.25 million, without bonuses.
Rutgers also owes Rice 75 percent of his $1.45 million contract, meaning he gets $1.0875 million, as he was fired without cause.