LYNCHBURG, Va. – Jerry Falwell received his severance pay from Liberty University on Tuesday, according to the university.
While stating that “media reports regarding the size and terms of the severance to be paid upon the employment separation of Liberty University and Mr. Falwell, Jr. are incorrect," the university did not announce how much money it paid its former president.
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The Washington Post previously reported that he will receive $10.5 million in severance and retirement benefits.
However, according to Liberty, his severance compensation was dictated by the terms of his pre-existing employment agreement without any adjustment by the University or its Board, which equates to two years' base salary.
Other than this severance, Falwell will also receive his accrued retirement benefits.
Late last month, Liberty announced an investigation into Falwell’s tenure at Liberty.