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re: This explains some of the Kevin Steele situation
Posted on 12/31/15 at 3:16 am to memphisplaya
Posted on 12/31/15 at 3:16 am to memphisplaya
0
Posted on 12/31/15 at 3:43 am to cajunbama
What makes him think he will last more than one season at Auburn, though? If Gus doesn't turn it around next year, he's gone. And I doubt the assistants will survive his firing.
Posted on 12/31/15 at 5:27 am to thefloydian
good point
Posted on 12/31/15 at 5:35 am to thefloydian
quote:
If Gus doesn't turn it around next year
If my aunt had balls, she'd be my uncle.
Posted on 12/31/15 at 6:20 am to cajunbama
quote:
Well that system is in jeopardy and possibly bankrupt within 10 years. But would a coaches salary count if most isn't paid by the state?
Ok, for starters the sysyem is not in jeopardy. That Story was so fundamentally flawed it was laughable. They totally ignored the significant changes but in place for employees hired beginning in 2013.
Now to the system itself, it isn't hard to understand at all. For Tier 1 members (those hired before 2013), your retirement is based on the average of your three highest salaries in your last 10 years of service. The amount you will get paid is 2.0125% x number of years of service, so at 10 years you have roughly a 20% pension.
But there is a catch. While you are vested (guaranteed a pension) after 10 years, if you retire with less than 25 years of service you cannot start drawing a check until you turn 69 years old. After 25 years, you can retire and draw at any age. If you leave with less than 10 years, you get nothing regardless of age.
Steele has a max of 4 years based on his time at Bama. He must get a minimum of 6 more years before he is vested. The idea that retirement played any part in his decision is ridiculous.
Posted on 12/31/15 at 6:28 am to Evolved Simian
quote:
The article also talked about abuses of the system because some employees would save up years of vacation and sick time, which they would cash out at retirement and it counted towards salary for the pension calculation. Some were able to double their annual salary that way. (I think that loophole may be closed now)
If a story said that, it was a lie. I've been in the system for almost 29 years and that has never been the case. You have three choices when it comes to leave (which has an accrual limit, you can not pile up a crazy amount).
You can get paid cash for it. Really dumb because of the tax hit.
You can roll it into the state's optional deferred compensation plan (think 401k without an employer match). Really smart because the tax is deferred.
You can convert it to service credit. This is almost as dumb as the cash option. If you are completely maxed on leave, you get about 6 months of credit, which will increase your annual pension by a whopping 1%.
Posted on 12/31/15 at 7:22 am to cajunbama
Pension and money are always good, but when the AD and top LSU administration is screaming that they want to fire the coaching staff but can't, it makes for a terrible and lonely feeling for coaches.
Posted on 12/31/15 at 9:27 am to cajunbama
RSA isn't in danger of bankruptcy. Dr. Bronner has turned it into one if the most successful state retirement systems in the country.
Posted on 12/31/15 at 9:45 am to cajunbama
quote:
cajunbama
This explains some of the Kevin Steele situation by cajunbama
No, all of this does:
*Steele was in the first year of a two-year, $2 million contract at LSU, and this report by nola.com suggest that Auburn offered him a three-year, $4 million contract.
*According to The Advocate, Alabama’s state retirement also played a small role in the deal since Steele was already tenured in the state after working on Coach Saban’s Crimson Tide staff for two years.
*Also, Steele’s brother, Jeff, is an associate athletic director at Auburn.
Posted on 12/31/15 at 10:29 am to Opelousas Sostan
steele is like a rubber ball
Posted on 12/31/15 at 10:44 am to JustGetItRight
quote:
Steele has a max of 4 years based on his time at Bama. He must get a minimum of 6 more years before he is vested. The idea that retirement played any part in his decision is ridiculous.
the main reason, and really the only reason, is that auburn was giving him several hundred thousand more dollars a year and giving him a 4 year deal. LSU wasn't willing to match that offer, so he left. It's really that simple. If the pension had anything to do with him leaving, it was a very very small factor. And can you really blame LSU for not matching the offer? He was being paid 1 million a year, and nothing about what he did this year warranted a raise like that. Honestly, he was probably being paid too much to begin with. I don't blame him for leaving, but Auburn's offer just seems incredibly desperate to me. He's one of the three highest paid DCs in college football now, and he's in no way one of the top DCs in college football.
This post was edited on 12/31/15 at 10:45 am
Posted on 12/31/15 at 10:55 am to lsufball19
Auburn has now had 5 DCs in 8 years....Kevin Steele has done nothing in his entire coaching career that warrants a $1.3 per yr, multi year contract. They can't keep DCs for any length of time over there. Why would Steele out last all of the others?
Posted on 12/31/15 at 11:01 am to lsufball19
quote:
And can you really blame LSU for not matching the offer?
I'd blame LSU for making any effort at all to keep him and for hiring him in the first place.
Everywhere he's been a DC, the defense is worse than the year before he arrived and it has improved the year he vacated the position.
Here are the numbers via ESPN. The first ranking is YPG and the second is PPG. Steele's years are in bold.
Alabama
2006 - 18th - 29th
2007 - 28th - 29th
2008 - 3rd - 6th
Clemson
2008 - 17th - 10th
2009 - 20th - 25th
2011 - 70th - 81st
2012 - 65th - 48th
2013 - 25th - 24th
LSU
2013 - 8th - 3rd
2014 - 25th - 44th
Auburn just did y'all a HUGE favor and at the same time almost certainly sealed Gus' fate.
Posted on 12/31/15 at 11:05 am to JustGetItRight
quote:
Auburn just did y'all a HUGE favor and at the same time almost certainly sealed Gus' fate.
agreed. a lot of people wanted him gone after this year and most were unhappy with the hire from the get go. auburn just did us a favor and paid us 500k in the process
Posted on 12/31/15 at 11:09 am to mls4bama
He's a defensive Lynn Amedee. LOL
Posted on 12/31/15 at 11:45 am to SECSolomonGrundy
quote:
RSA isn't in danger of bankruptcy. Dr. Bronner has turned it into one if the most successful state retirement systems in the country.
as a retired retirement consultant I would have to challenge this statement. it's been a few years but one of the outlandish things about the Alabama system was the large investments in golf courses. the accounting relating to these course would be illegal as hell in the for profit world. their system is not subject to federal ERISA legislation (marginally) regarding funding requirements. these golf course were producing "insane" profits thus improving their fund performance vs assumptions. because of these "shadow profits" the system leaders turned into masters of hype that would have made Bernie Madoff blush.
but you are correct, the RSA isn't in danger of bankruptcy. technically, it can't go bankrupt unless and until the state of Alabama goes bankrupt. it is the taxpayer that is on the hook sir.
Posted on 12/31/15 at 12:14 pm to cajunbama
Who cares why he is leaving or if he is being pushed out. We can all agree no one at Lsu is crying that he is leaving and no one at auburn is happy he is their choice.
Posted on 12/31/15 at 12:20 pm to cajunbama
I flagged for linking a Glenn Gilblow article without warning.
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