PHEAA CEO to get $360,000 annual pension

Jan Murphy on the pension retiring PHEAA CEO Dick Willey will receive. The pension is so elevated because his $180,000 bonus counts toward the pension calculation.

Of course, he will receive that pension even if takes another job with the state – and he would be wise to take the pension now, as no other job is likely to pay as well (pension are based on the final three years’ pay). That is what is predecessor at PHEAA did: as the Tribune Review notes, Michael Hershock received a $222,000 annual pension (following a $321,000 lump-sum withdrawal) when he retired at PHEAA, then took a $147,000 job heading the PHEAA Foundation.

These over-sized pensions indicate both the excesses at PHEAA and the problems in our state pension system.