Paterno passed away at 85 in January—less than three months after he was removed from his job by the Penn State Board of Trustees during the height of the Jerry Sandusky scandal.
In turn, Joe's wife, Sue, will donate $1.5 million of the payout to various local charities, according to Paterno family spokesperson Dan McGinn.
The philanthropy on display here is nothing new; the Paternos donated over $4 million to a university library that would eventually bear their name and Joe Paterno donated $100,000 to the school after being fired in November.
The $13.4 million figure was calculated by Penn State as the expected payout for expected pension for an employee of Paterno's tenure (61-plus years), and if there's one thing Joe Paterno would have wanted in this situation, it would almost certainly be being treated like a regular employee.
The University also announced that Paterno had not accessed any of his pension during his tenure at Penn State, and that too sounds true to form.
With this pension and the earlier $5.5 million financial package the school gave to the Paterno family earlier this spring, the Paternos will be getting nearly $19 million from the school in the wake of Paterno's departure from Penn State.
It almost sounds like a low figure considering what he was worth to the football program, athletic department and university as a whole, but attaching a dollar figure to his feeling of self-worth was never what Paterno was about in the first place.