This is damn ridiculous; you pay someone that retires severance pay? His $540k annual pension was not enough? Auburn University Athletic department has $3 million to flush down a toilet?
Dictionary result for severance
noun: severance; plural noun: severances
the action of ending a connection or relationship.
"the severance and disestablishment of the Irish Church"
the state of being separated or cut off.
"she works on the feeling of severance, of being deprived of her mother"
dismissal or discharge from employment.
"employees were offered severance terms"