Mulkey to LSU?

[knowlesjam]

Assuming Kim works for 5 years...this puts her at 20 years of service as a Louisiana state employee. Her pension roughly ends up as...

2.5% times 20 (years of service) times $225,000 (avg monthly income)
= $125,000 per month in retirement pay

Not too shabby...

 

[usedcarguy]

Assuming Kim works for 5 years...this puts her at 20 years of service as a Louisiana state employee. Her pension roughly ends up as...

2.5% times 20 (years of service) times $225,000 (avg monthly income)
= $125,000 per month in retirement pay

Not too shabby...

Except that 15 of those years would be at a MUCH lower salary. I'm guessing her average pension would be more like $30k-50K per month. Still not shabby. It would go up substantially for each year after 20 that she sticks around.

 

[mred]

Assuming Kim works for 5 years...this puts her at 20 years of service as a Louisiana state employee. Her pension roughly ends up as...

2.5% times 20 (years of service) times $225,000 (avg monthly income)
= $125,000 per month in retirement pay

Not too shabby...

Her base salary is $400k. I wonder if the supplemental compensation counts in the pension calculation.

LSU Tigers women's basketball coach Kim Mulkey's 8-year deal worth at least $22.5 million before incentives

Coach Kim Mulkey received an eight-year deal from LSU that will pay her at least $22.5 million before incentives.

www.espn.com

 

[mred]

Except that 15 of those years would be at a MUCH lower salary. I'm guessing her average pension would be more like $30k-50K per month. Still not shabby. It would go up substantially for each year after 20 that she sticks around.

Basic Pension FAQs – LASERS

lasersonline.org

Average Compensation is based on a member’s highest 36 or 60 months of earnings. Accrual rate is determined by the retirement plan of the member. Details on these terms can be found in the LASERS Member’s Guide to Retirement.

 

[knowlesjam]

Basic Pension FAQs – LASERS

lasersonline.org

Except, she was hired prior to 2006...their system uses the job of first hire to determine the system. It then uses the average monthly salary of your highest 36 months of employment, in this case three years as the head basketball coach...roughly $225,000 per month.

Even if they use the "new" system, it uses the average monthly salary of your highest 60 months...again, at least $225,000 per month.

 

[mred]

Her base salary is $400k. I wonder if the supplemental compensation counts in the pension calculation.

After a little googling, it looks like generally only base salary is included in pension calculations. But I don't know if that's the case for Louisiana.

 

[knowlesjam]

After a little googling, it looks like generally only base salary is included in pension calculations. But I don't know if that's the case for Louisiana.

That may be the case. I would think the tax payers would revolt if coaches garnered that much of a pension...although her situation is different in that she had 15 years of previous time. If it is the base salary, then that equates to a more "modest" $17,500 per month.

 

[mwwbbfan]

What is the point of a “personal travel allowance?” University saves a few $ (and she saves on income taxes) if there’s only $75k in travel expenses?

My guess is that is for personal use of a school plane that is billed by the hour / mile or something like that.

 

[mred]

That may be the case. I would think the tax payers would revolt if coaches garnered that much of a pension...although her situation is different in that she had 15 years of previous time. If it is the base salary, then that equates to a more "modest" $17,500 per month.

The next question is whether she had her pension contributions refunded to her when she originally left Louisiana (which she may have been eligible to do), but I imagine she'd likely repay those refunded contributions so she can get her full pension benefit back.

I now know way more about the State of Louisiana pension system than I ever thought I would.

 

[Pat]

The next question is whether she had her pension contributions refunded to her when she originally left Louisiana (which she may have been eligible to do), but I imagine she'd likely repay those refunded contributions so she can get her full pension benefit back.

I now know way more about the State of Louisiana pension system than I ever thought I would.

I am impressed at the equal parts creativity and chutzpah required to name the thing “LASERS.”

 

[farm85]

Here's what Kim Mulkey will make as head coach of women's basketball at LSU

The former Baylor coach is now likely set to be the highest-paid coach in women's college basketball.

www.kcentv.com

Mulkey's buy-out if she is fired by the university without cause is $2.5 million until June 30, 2022. The term sheet states it drops to $2 million after July 1, 2023.
If Mulkey were to take another job, she would owe $2 million within 30 days of her termination date.

 

[usedcarguy]

I'll throw a wild card into all of this. I ran across a similar discussion on an LSU board. They started looking at other states and someone mentioned Connecticut with Calhoun and Auriemma. Apparently in Connecticut, the highest paid state employees are not part of the state pension plan but rather TIAA-CREF. I would suspect they are not the only state with this type of arrangement.

But with that being said, unless her financial planner is a crook, she should have more money than she could ever spend in retirement with or without a pension.

 

[Cycsk]

Such a delightful woman.

I thought that whole interaction was Kimmie trying to be the alpha male when meeting Coach O.