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Alabama state retirement system?
Posted on 12/30/15 at 5:41 pm
Posted on 12/30/15 at 5:41 pm
What's so great about the Alabama retirement system? Apparently, this was part of the reason Steele left LSU for Auburn and how Bama was able to keep their strength and conditioning coach from going to Georgia. These guys make millions, or close to it. How is the Alabama system such a big deal for them?
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Posted on 12/30/15 at 5:44 pm to dcw7g
u are fully vested I think after 10 years. He has got to be getting close.
NS should be one year from now.
NS should be one year from now.
Posted on 12/30/15 at 5:47 pm to mrbroker
What does fully vested mean? Does he get some percentage of his salary forever? How much?
Posted on 12/30/15 at 5:47 pm to mrbroker
quote:
NS should be one year from now.
So then he'll take the Texas job.
This post was edited on 12/30/15 at 6:12 pm
Posted on 12/30/15 at 5:49 pm to dcw7g
Is that what's tied into the RTJ courses?
Posted on 12/30/15 at 5:54 pm to dcw7g
Posted on 12/30/15 at 5:54 pm to dcw7g
quote:.
What does fully vested mean? Does he get some percentage of his salary forever
Yes
Posted on 12/30/15 at 6:03 pm to SPEEDY
Thanks, smart guy. What percentage? Do other states not offer this? I've never heard this issue coming into play with coaching moves elsewhere.
Posted on 12/30/15 at 6:10 pm to dcw7g
This is their formula
Average Final Salary x Years and Months of Service x Benefit Factor ÷ 12 = Maximum Monthly Benefit
Average Final Salary x Years and Months of Service x Benefit Factor ÷ 12 = Maximum Monthly Benefit
Posted on 12/30/15 at 6:15 pm to dcw7g
What does fully vested mean?
In exchange for a minimum number of years of service, when you are eligible to retire, you get a benefit. Your account will include what you paid in and what the state paid in. If you leave before vesting, you do not get the full benefit of whatever you would be otherwise entitled to. If not vested, many refund only what you paid in which is also subject to income taxes.
Does he get some percentage of his salary forever?
If vested in a defined benefit plan, yes.
How much?
Depends on a number of factors - all of which are based on how many years he has in and what he is making.
In exchange for a minimum number of years of service, when you are eligible to retire, you get a benefit. Your account will include what you paid in and what the state paid in. If you leave before vesting, you do not get the full benefit of whatever you would be otherwise entitled to. If not vested, many refund only what you paid in which is also subject to income taxes.
Does he get some percentage of his salary forever?
If vested in a defined benefit plan, yes.
How much?
Depends on a number of factors - all of which are based on how many years he has in and what he is making.
Posted on 12/30/15 at 6:16 pm to dcw7g
RSA is one of the best run retirement funds in the country... or at least it was several years ago when I lived in AL.
Posted on 12/30/15 at 6:18 pm to damnedoldtigah
This is only a guess
but if he gets fully vested he could retire with 15-20K per month in retirement benefits.
but if he gets fully vested he could retire with 15-20K per month in retirement benefits.
Posted on 12/30/15 at 6:24 pm to RockyMtnTigerWDE
Percentage for bama is 2.01 so basically full salary of the high three years if you worked fifty years.
Posted on 12/30/15 at 6:26 pm to RockyMtnTigerWDE
I'm pretty sure Penn Wagers and Tom Ritter are "fully vested."
Posted on 12/30/15 at 6:35 pm to Tesla
U funny arse wipe
Posted on 12/30/15 at 6:43 pm to mrbroker
Posted on 12/30/15 at 6:51 pm to RockyMtnTigerWDE
quote:
but if he gets fully vested he could retire with 15-20K per month in retirement benefits.
With 10 years service Steele final salary would be $1.3mil (up from ~$300k) and Lance Thompson is at $~600k
Thompson would get ~$10k/month
Steele would get ~$22k/month
You don't pay FICA taxes (7.65%) or state Income tax (5%) on qualified pensions though which is huge
Based on Steele's huge payraise, even if he already was invested his retirement would go from $60k/yr to ~$250k/yr for life
This post was edited on 12/30/15 at 6:56 pm
Posted on 12/30/15 at 6:56 pm to dcw7g
It caps out at like 120k a year or something like that. In other words, Saban won't be getting 3.5 million a year the rest of his life in retirement from the State of Alabama.
Posted on 12/30/15 at 6:57 pm to GenesChin
quote:
$250k/yr for life
It maxes out way below that.
Posted on 12/30/15 at 7:14 pm to Monticello
I looked it up and there doesn't seem to be a lot of info out there on benefit caps.
Someone on AU thread pointed out though that school paid for salary likely is less than $1.3mil and doesn't matter
Someone on AU thread pointed out though that school paid for salary likely is less than $1.3mil and doesn't matter
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