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Started By
Message
Pat Summitt leaves all ‘tangible personal property’ to son Tyler in will
Posted on 8/25/16 at 1:54 pm
Posted on 8/25/16 at 1:54 pm
LINK
quote:
Tyler Summitt also was designated by his mother to be a non-spouse beneficiary of her state pension. When she retired, Pat Summitt opted to collect a monthly benefit of $14,460, or $173,520 annually in 2012. That benefit, with an annual cost-of-living adjustment, is now collected by Tyler Summitt for the rest of his life. Pat Summitt could have opted instead to collect $21,141 per month, or $253,632 annually, without choosing a beneficiary, and the payments would have ended upon her death.
16
Posted on 8/25/16 at 1:56 pm to TechDawg2007
damn, id retire.
Posted on 8/25/16 at 1:56 pm to TechDawg2007
great for tyler?
Posted on 8/25/16 at 1:57 pm to TechDawg2007
Damn. That's one hell of a retirement plan.
Posted on 8/25/16 at 1:58 pm to TechDawg2007
Good thing, because he's never coaching again.
Posted on 8/25/16 at 2:00 pm to Commandeaux
quote:
damn, id retire.
Or frick a co-ed and get fired? That appears to be Tyler's approach.
Posted on 8/25/16 at 2:01 pm to TechDawg2007
Thats a hell of a state pension for a state with no income taxes. Her beneficiary gets paid for his entire life? Crazy.
Posted on 8/25/16 at 2:01 pm to CapstoneGrad06
quote:
Good thing, because he's never coaching again.
And I'm not sure why he still coached after that will was made. Maybe he still wanted to chase his dream.
Posted on 8/25/16 at 2:02 pm to TechDawg2007
Not sure how that guy can read all the great things his mother accomplished, all the trouble she went through to have him - including going into labor on a recruiting trip - and not hang his head in shame. What a turd.
Posted on 8/25/16 at 2:04 pm to c on z
quote:
And I'm not sure why he still coached after that will was made. Maybe he still wanted to chase his dream.
I'm guessing because she was still alive, and he wasn't getting any money until she died
Posted on 8/25/16 at 2:11 pm to TechDawg2007
(no message)
This post was edited on 8/25/16 at 2:12 pm
Posted on 8/25/16 at 2:21 pm to TechDawg2007
Maybe he can pay for that baby he made in Ruston, with that player.
Posted on 8/25/16 at 2:22 pm to TechDawg2007
quote:That's a sweet deal. Is this option common? If I'm Ty I think I'm headed for an early retirement. His mom hooked him up.
Tyler Summitt also was designated by his mother to be a non-spouse beneficiary of her state pension. When she retired, Pat Summitt opted to collect a monthly benefit of $14,460, or $173,520 annually in 2012. That benefit, with an annual cost-of-living adjustment, is now collected by Tyler Summitt for the rest of his life. Pat Summitt could have opted instead to collect $21,141 per month, or $253,632 annually, without choosing a beneficiary, and the payments would have ended upon her death.
Posted on 8/25/16 at 2:28 pm to adamb2151
quote:
Thats a hell of a state pension for a state with no income taxes. Her beneficiary gets paid for his entire life? Crazy.
Yeah it is nice and sounds crazy, but it is actually a fairly reasonable lifetime annuity.
ETA: Apparently the OT needs me to show my work...
Life expectancy of 60 year old female = 25 years = $6,342,300 in payments
Life expectancy of 22 year old male beneficiary = 55 years = $9,543,600
However, when you apply even a 4% discount rate you get a present value of $4,005,215 for Pat's life and a PV of $3,855,575 for Tyler's life.
This post was edited on 8/25/16 at 3:17 pm
Posted on 8/25/16 at 2:36 pm to beaverfever
quote:
That's a sweet deal. Is this option common?
Yes. Many states have this. I know Illinois and Missouri have similar packages. Though this is an extreme example because Pat was likely one of the state's highest paid employees by the time she retired.
It isn't sustainable and we'll likely see and end to these types of plans in the next few decades. The baby boomer generation will be ending and the states will realize they are paying millions in benefits to beneficiaries who will live for another 50-60 years.
Posted on 8/25/16 at 2:38 pm to slackster
quote:
Yeah it is nice and sounds crazy, but it is actually a fairly reasonable lifetime annuity.
No it isn't. She just passed an annuity to someone else where he collects almost $15k a month for the rest of his life. This is a classic example of poor government allocation of funds.
Posted on 8/25/16 at 2:46 pm to lynxcat
This post was edited on 11/8/20 at 12:52 pm
Posted on 8/25/16 at 2:52 pm to TechDawg2007
what f'in retirement plan is that
Posted on 8/25/16 at 2:52 pm to TechDawg2007
Non-spouse beneficiary collecting $15K/month...
Only government plans can come up with this shite.
Only government plans can come up with this shite.
Posted on 8/25/16 at 3:01 pm to JoePepitone
And to think, all you have to do to get that kind of pension is become the all-time winningest coach in NCAA history.
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