Tim Pernetti to be paid over $1.2 million by Rutgers

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.

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