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Remember this story on ex LA tech ladies basketball coach
Posted on 4/8/21 at 7:00 pm
Posted on 4/8/21 at 7:00 pm
Moral of story below in case you dont feel like reading. LINK
Cheats on wife with player on basketball team while HC . Fired from school in disgrace. Now Guy is set for the next 50 years and never has to work again thanks to Momma Summitt. Must be nice .
quote:
Tyler Summitt does not need basketball to pay the bills.
Before his mother died, she designated him as the beneficiary of her state pension that will pay him more than $173,000 every year for the rest of his life, Tyler Summitt confirmed.
Cheats on wife with player on basketball team while HC . Fired from school in disgrace. Now Guy is set for the next 50 years and never has to work again thanks to Momma Summitt. Must be nice .
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Posted on 4/8/21 at 7:02 pm to FLObserver
Is that supposed to be a lot of money?
Posted on 4/8/21 at 7:05 pm to Serraneaux
quote:
Is that supposed to be a lot of money?
A state pension that pays you $173k per year does sound like a lot of money.
Posted on 4/8/21 at 7:08 pm to Serraneaux
It's 173,000 dollars a year for the rest of his life, no questions asked, to do nothing but exist. Most of the country would kill for a salary like that with a difficult and stressful job. You don't sound cool, you sound like a moron.
Posted on 4/8/21 at 7:08 pm to FLObserver
Geez Tennessee, does he get to bequeath it to someone else as well?
No wonder govt workers are rich.
No wonder govt workers are rich.
Posted on 4/8/21 at 7:10 pm to FLObserver
quote:
“I think we really just try to keep praying for forgiveness," Summitt told USA TODAY Sports. “We still feel the guilt."
quote:
He also helped oversee his mother’s medical care after she was diagnosed in 2011 early-onset Alzheimer’s disease, which forced her to retire at 59.
She died about two months after Summitt resigned at Louisiana Tech.
“That year is just still a blur for me,’’ Summitt said. “I saw more than one therapist just to process what was going on, whether it was Louisiana Tech or Mom passing away.
“Even now I look back and there’s still emotions. So I don’t know if I’ve fully processed it.’’
I gotta say though I can empathize with that some. I have some personal experience dealing with the loss of my own mom.
quote:
During faith time, Summitt said, the scandal that rocked Louisiana Tech basketball often is on the couple’s minds.
“I regret my actions and decisions, and I hate that I hurt so many people,’’ he said. “But I love Brooke. I love Breck. We love our lives."
I wish him well.
Posted on 4/8/21 at 7:18 pm to BrerTiger
As an aside, whose bright idea was it to hire a 24 year-old man to be the coach of a bunch of athletic 18-23 year-old women? 
Ethics and whatnot aside, 24 years old is probably just not ready to lead a college athletic program in general, as his (admittedly short) record indicated. Just a bad hiring decision through and through.
Ethics and whatnot aside, 24 years old is probably just not ready to lead a college athletic program in general, as his (admittedly short) record indicated. Just a bad hiring decision through and through.
Posted on 4/8/21 at 7:19 pm to kywildcatfanone
quote:
Geez Tennessee, does he get to bequeath it to someone else as well?
No it’s a one time thing from originator or the benefits. This is similar to a lot of other state systems.
Posted on 4/8/21 at 7:25 pm to kywildcatfanone
quote:
Geez Tennessee, does he get to bequeath it to someone else as well?
I don't know how it works in Tennessee, but in Alabama you can pick between one of 3 options. Tennessee is likely very similar.
1 - You get paid the max benefit and your beneficiary gets nothing upon your death.
2 - Your beneficiary gets half of your benefit for the rest of their life after you die.
3 - Your beneficiary gets the same amount you get for the rest of their life after you die.
If you choose option 2 or 3, your benefit is reduced based on the age of your beneficiary and can be quite significant because it's designed to keep the total amount paid by the state over the life of the pension the same no matter which option is chosen. Since my wife has her own pension, I did the same thing for our daughter that Pat did for her son. It reduced my monthly check by 30%.
Pat was likely financially secure, so it was a very thoughtful thing to do for her son - particularly when she knew ahead of time that she wasn't going to live to an old age and collect her pension for a long time.
It also isn't an asset that gets passed down by generations. It ends when the designated beneficiary dies.
quote:
No wonder govt workers are rich.
You clearly don't know very many government workers in southern states.
This post was edited on 4/8/21 at 7:58 pm
Posted on 4/8/21 at 7:28 pm to FLObserver
Since when can a state pension go to an adult child? Am I missing something?
Posted on 4/8/21 at 7:32 pm to BrerTiger
quote:
A state pension that pays you $173k per year does sound like a lot of money.
It's going to be based on her salary, which also would determine how much she contributed. Again, using the Alabama system I retired under, it is 2% of your annual (average of last 3 years) salary for every year of service. If you retired at 25 years (minimum number), your pension was 50% of your salary. You paid in 7.5% and the employing agency paid a similar matching contribution.
Pat's last salary was $1.4 million, so based on that her pension is really small but I'm sure Tennessee like most states has a maximum benefit regardless of salary.
Posted on 4/8/21 at 7:34 pm to armtackledawg
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Since when can a state pension go to an adult child?
Since like forever? You name a BENEFICIARY. It doesn't even have to be a relative. Private pensions work exactly the same way.
quote:
Am I missing something?
Actually, quite a lot it appears. If you work at a job that has any type of retirement plan (pension, 401k, etc), look at your rules and see if it puts a limit on who you can name as a recipient in case of your death. Answer's gonna be no.
Posted on 4/8/21 at 9:57 pm to FLObserver
Tyler Summitt is a miserable POS. Such a sponge, only exists to feed off his mother's legacy. Top it off he takes advantage of his dying mother with Alzheimer's so he can sit back the rest of his life
This post was edited on 4/8/21 at 10:01 pm
Posted on 4/8/21 at 10:38 pm to JustGetItRight
quote:
It's going to be based on her salary
I wasn't arguing it wasn't deserved.
Just saying it is more than enough to live comfortably if your name isn't Hunter Biden.
Posted on 4/8/21 at 10:42 pm to Serraneaux
quote:
Is that supposed to be a lot of money?
Is this supposed to be a lot of baseball program history
Posted on 4/9/21 at 7:26 am to Serraneaux
What about the millions she left him when she passed away
Posted on 4/9/21 at 7:57 am to kywildcatfanone
quote:
No wonder govt workers are rich.
In addition to holding daily Bible study and
collecting his mother's state pension, Pat Summitt
left the entirety of her estate to Tyler.
As to Tennessee's retirement plan,
this is from 'Knoxville News Sentinel', 2014 :
[i]A News Sentinel analysis in 2014 showed that 2,861 Tennessee
Consolidated Retirement System retirees who chose non-spouse beneficiaries
and their survivors could draw almost $1 billion, assuming they all lived until age 80.
Records showed some retirees had chosen beneficiaries as young as infants
to receive lifetime pension payments. More than one-third of the 2,861 beneficiaries were younger
than 40 years old at the time of the retiree’s retirement, records showed.
Posted on 4/9/21 at 7:59 am to Jrv2damac
quote:
Is this supposed to be a lot of baseball program history
That’s more #2 finishes than your woke community college has, little girl.
Posted on 4/9/21 at 8:03 am to Serraneaux
quote:
Is that supposed to be a lot of money?
No , it’s chump change. So if anyone leaves you that much, give me a call. I’ll go ahead and take it yearly so that you’re not embarrassed how little you were left.
Posted on 4/9/21 at 10:56 am to VolsUberAlles
quote:
That’s more #2 finishes than your woke community college has, little girl.
But I’m not the tard posting threads every weekend like we’re a blue blood
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