Tim Pernetti’s parting gift? A year’s salary, a $679,500 one-time payment, a car allowance, health insurance, an iPad, and a laptop

tim-pernetti-rutgersAs Rutgers cleans house, they’re also giving out fabulous parting gifts to the departed. For instance, former Rutgers coach Mike Rice got a fat bonus in the amount of $100,000 that they wouldn’t have had to give him if they had fired him the moment they saw that crazy video.

But Rice isn’t the only one receiving a fabulous parting gift. Recently departed AD Tim Pernetti is also cashing in. And if you think Rice made off like a bandit, wait until you read what Pernetti is getting on his way out the door.

Under his agreement, Pernetti is to be paid his base salary of $453,000 per year through June 2014 and a one-time payment of $679,500 in the next month. He gets the money even if he takes another job.

He also gets his $12,000 per year car allowance through June 2014 and health insurance and pension payments through October 2015.

Pernetti also gets to keep his Rutgers-issued iPad and laptop computer.

Rutgers agreed to represent Pernetti in any lawsuits related to his job as athletic director.

The moral of the story here? Take a job at Rutgers, if not for the job, but for the parting gifts.

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