Retired PHEAA chief pulls in $369K a year
September 26th, 2007A retired Pennsylvania Higher Education Assistance Agency chief draws a six-figure salary while collecting a $222,173 yearly state pension, state and federal records show.Michael Hershock, 62, who retired from PHEAA at the end of 2002, collected a $147,000 salary from the Pennsylvania Higher Education Foundation last year and $21,500 in benefits. The nonprofit agency is a group he founded six months before retiring.
Although ostensibly separate from PHEAA, the foundation has obtained millions of dollars in seed money and services from PHEAA and shares offices — and some board directors — with the multibillion-dollar student loan organization, records show.