Former Rutgers Athletic Director Tim Pernetti resigned last week amid the controversy over the release of video showing head basketball coach Mike Rice verbally and physically abusing players. But don’t worry about Pernetti or his future prospects. The 42-year-old will leave his alma mater with a ridiculous payout of $1.2 million to go along with several other perks.
The Associated Press has learned that Pernetti’s resignation came along with a fantastic settlement deal. He will be paid his base salary of $453,000 per year through June 2014, and will also receive a one-time payout of $679,500 within the next month. Even if Pernetti takes another job, he will be paid in full.
He will also receive his $12,000 per year car allowance through June 2014 and health insurance and pension payments through October 2015. In another nice little perk, Pernetti will also get to keep his Rutgers-issues iPad and laptop computer.
In addition to all of that, Rutgers has agreed to represent Pernetti in any lawsuits related to his job as the school’s athletic director. The university agreed to not say anything bad about him publicly or to any prospective employers and Pernetti also has agreed not to disparage the school publicly, though he is allowed to discuss the Rice situation.
Rice was fired last week as a result of the video we have all seen by now. In it he is seen berating players, shoving them, throwing basketballs at them, and using anti-gay slurs often. Pernetti suspended Rice last December but when the video went public, Rutgers scrambled to boot Rice as quickly as possible.
Rice also has a pretty sweet deal, since he was fired not for cause. Under his contract he will be paid a little more than $1 million, plus a $100,000 bonus for having stayed at the job through the 2012-13 season.
So let this be a lesson to all the kids out there in the world, if you’re really bad at your job, maybe you’ll get a gigantic freaking payout to leave it some day.