From Pennsylvania's Patriot-News:
Joe Paterno has apparently set another record.
The former Penn State football coach’s estate will collect what is likely the single-largest pension benefit ever paid by the Pennsylvania State Employees' Retirement System.
Paterno’s widow, Sue, is to receive a payout of $13.4 million resulting from the late coach’s 61 years of well-compensated service to the university.
Paterno’s family released the information on his pension through a spokesman Tuesday.
The payout is due to the rare convergence of an extremely high salary for public-sector work and the length of the coach’s career.
Meanwhile, from the editorial page of another Pennsylvania publication, the Centre Daily Times:
Underfunded pensions for two employment groups — teachers and other school workers, and state government employees — are causing a $1.1 billion hit on the current state budget of about $27 billion. That’s up from $200 million a year ago.
The number will jump to $1.6 billion in 2013-14, and could hit $4 billion in the coming years unless steps are taken to slow the acceleration of costs.
However, don’t be quick to point the finger at the workers.
For the past decade, the state has been putting about 50 cents into the pot for every $1 those workers contributed — even though the shares were to be equal.
Pennsylvania, I have seen your future: we call it "California."