iradiophilly | News - Bensalem Man Spends ~$70,000 Mistakenly Deposited, Joe Paterno's Pension Payment and a Donation

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Bensalem Man Spends ~$70,000 Mistakenly Deposited, Joe Paterno's Pension Payment and a Donation

by: iradioal - Philadelphia, PA
started: 05/22/12 11:14 pm | updated: 05/22/12 11:14 pm

Joe Paterno earned a state pension of $13.4 million for his 61-year coaching career at Penn State. Paterno's widow, Sue, will receive an initial payment of $10.1 million by the end of May, with the rest to be paid out over the next two years. Calculations were made through the standard formula for anyone in the State Employees' Retirement System, and Paterno received no special consideration, according to his family. Paterno never accessed his pension.

Paterno began working at Penn State as an assistant coach in 1950 before being promoted to head coach in 1966. Last year, Joe had a compensation package from the University worth $1.02 million making him the top earner at Penn State (although well below other top tier Div-I coaches like Nick Saban at $4.6 or Bob Swoops at $4 million). The formula used to calculate pension caps at $240,000 in salary anyway.

The Paterno family also plans to donate $1.5 million. $500,000 will go to the campus Catholic center and $1 million to the Paterno Foundation which donates to area charities such as the Special Olympics. Over the years, Paterno donated roughly $9 million to Penn State and area charities.

A 22 year old Trevose, Bensalem Township man surrendered today and was charged with theft and receiving stolen property, both of which are third-degree felonies. Joseph Bucci's Wells Fargo bank account was accidentally deposited with $69,300. Instead of reporting the mistake, Bucci spent most of the money on things like food, clothing, airplane tickets, a vehicle, even a pet dog. By the time anyone at the bank noticed their mistake, Bucci only had $2000 left. He's being held for $25,000 bail.

In Sports, pitcher Vance Worley visited a specialist in Pensacola who ruled out any serious problem with a ligament in his elbow and a need for Tommy John surgery. He does have a bone chip , which he'll revisit after the season.

Expect showers and thunderstorms developing this evening with temperatures in the around 70 degrees in Philadelphia.

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