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Post by osubeaver2018 on Apr 6, 2021 11:07:28 GMT -8
Felt this deserved its own thread as this would likely have just been buried in the old one. Looks like the new deal gives WT a $300,000/year raise, with his salary increasing by $100,000 each season and eventually paying $3,000,000 his final season. Bonuses for Pac-12 championships, NCAA appearances/wins, COTY awards, etc. remain. All in all, his contract will pay up to the ballpark of $17,200,000 if he stays for all six years, maybe more with bonuses. Link from Daschel: www.oregonlive.com/beavers/2021/04/wayne-tinkles-new-oregon-state-coaching-contract-worth-some-172-million-over-six-years.html |
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Post by mbabeav on Apr 6, 2021 11:44:24 GMT -8
Felt this deserved its own thread as this would likely have just been buried in the old one. Looks like the new deal gives WT a $300,000/year raise, with his salary increasing by $100,000 each season and eventually paying $3,000,000 his final season. Bonuses for Pac-12 championships, NCAA appearances/wins, COTY awards, etc. remain. All in all, his contract will pay up to the ballpark of $17,200,000 if he stays for all six years, maybe more with bonuses. Link from Daschel: www.oregonlive.com/beavers/2021/04/wayne-tinkles-new-oregon-state-coaching-contract-worth-some-172-million-over-six-years.htmlThat does you fine in your PERS retirement account  |
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Post by atownbeaver on Apr 6, 2021 13:05:27 GMT -8
Felt this deserved its own thread as this would likely have just been buried in the old one. Looks like the new deal gives WT a $300,000/year raise, with his salary increasing by $100,000 each season and eventually paying $3,000,000 his final season. Bonuses for Pac-12 championships, NCAA appearances/wins, COTY awards, etc. remain. All in all, his contract will pay up to the ballpark of $17,200,000 if he stays for all six years, maybe more with bonuses. Link from Daschel: www.oregonlive.com/beavers/2021/04/wayne-tinkles-new-oregon-state-coaching-contract-worth-some-172-million-over-six-years.htmlThat does you fine in your PERS retirement account And he is already vested. Lets pretend that retires in 2027, he will have 13 seasons, otherwise 13 accrued PERS years. His final average 3, not considering bonusing looks like $2,800,000 $2,900,000 and $3,000,000, for a FAS of $2,900,000. Mr. Tinkle will earn a cool $565,500 (at least) per year for life if he retires at the end of this contract. However, he will be 61 years old then, so... I am sure he would stick it out for another extension, after the several more NCAA appearances he is going to bring us in the next 6 years. |
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Post by pdtbeaver on Apr 6, 2021 13:52:26 GMT -8
If I'm not mistaken he's tier 3 PERS. What you put in at 6% of your salary is what you get out. But his 6% is going to be some coinage.
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Post by Judge Smails on Apr 6, 2021 13:56:36 GMT -8
If I'm not mistaken he's tier 3 PERS. What you put in at 6% of your salary is what you get out. But his 6% is going to be some coinage. He is tier 3 or OPSRP. The formula above that Atown used is correct. |
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Post by atownbeaver on Apr 6, 2021 14:30:13 GMT -8
If I'm not mistaken he's tier 3 PERS. What you put in at 6% of your salary is what you get out. But his 6% is going to be some coinage. 6% of you salary goes in your IAP, or your cash account. Tier 3 still receives a defined pension plan of 1.5% of your final average salary per year of qualified service. What the latter tiers of PERS did was eliminate some of the problematic income spiking available to Tiers 1 and 2. The majorly problematic money match option of tier one, where the employer MATCHES your annual annuity amount. Under Tier 1/2 PERS, retirees got 1.67% per qualified year of service AND the money match. what often ended up happening with money match is an employee of 30 years would get 50.1% of their final average salary, then money matched to equal a full 100% or just over. if you worked more than 30 years, say, 35 years... your retirement benefit could be 117% of your FAS. and so forth. Pare in some other rules, such as allowing unused sick time to be added to your final salary amount, thus spiking it, and you had retirees netting 120% or more of their last paycheck in retirement. Tier 3 eliminated money match, and set the pension at a strict 1.5% per year of service. now a 30 year employee has a defined pension of 45% final average salary after 30 years of service AND added to that, a cash account filled up by 6% employee contributions. A retiree can choose how that cash portion is distributed. It can be paired with the pension payment under a withdrawal plan, or paid in a lump sum. |
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Post by atownbeaver on Apr 6, 2021 14:30:39 GMT -8
If I'm not mistaken he's tier 3 PERS. What you put in at 6% of your salary is what you get out. But his 6% is going to be some coinage. He is tier 3 or OPSRP. The formula above that Atown used is correct. I hope so, I am a OPSRP state employee! I am counting on it! |
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Post by Judge Smails on Apr 6, 2021 14:35:43 GMT -8
He is tier 3 or OPSRP. The formula above that Atown used is correct. I hope so, I am a OPSRP state employee! I am counting on it! Yes, my dad is Tier 1 and makes 133% of his final salary. Unfortunately, he retired almost 30 years ago and 133% of his final salary is not what you think it is. The Doctors at OSHU (along with 3 former uck football coaches) are the ones that are really cleaning up from Tier 1. |
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Post by beaverinohio on Apr 6, 2021 14:42:07 GMT -8
Felt this deserved its own thread as this would likely have just been buried in the old one. Looks like the new deal gives WT a $300,000/year raise, with his salary increasing by $100,000 each season and eventually paying $3,000,000 his final season. Bonuses for Pac-12 championships, NCAA appearances/wins, COTY awards, etc. remain. All in all, his contract will pay up to the ballpark of $17,200,000 if he stays for all six years, maybe more with bonuses. Link from Daschel: www.oregonlive.com/beavers/2021/04/wayne-tinkles-new-oregon-state-coaching-contract-worth-some-172-million-over-six-years.html Glad you started a new thread or we might have missed the subsequent scintillating PERS discussion. 😛 |
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Post by atownbeaver on Apr 6, 2021 14:44:02 GMT -8
I hope so, I am a OPSRP state employee! I am counting on it! Yes, my dad is Tier 1 and makes 133% of his final salary. Unfortunately, he retired almost 30 years ago and 133% of his final salary is not what you think it is. The Doctors at OSHU (along with 3 former uck football coaches) are the ones that are really cleaning up from Tier 1. It was probably a pretty sweet deal for a couple of 5 or so years, then that purchasing power starts eroding real quick... A lot of high inflation years over the last 30, and historically Oregon has issued COLA's to PERS retirees pretty infrequently and they have not been all that generous (also usually greatly reduced or outright capped in or around $60K levels) While those OHSU docs and ex Duck football coaches get a lot of the news, anybody here can go download the PERS database and find out your average PERS beneficiary makes like $30K a year... not exactly living large in 2021. |
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Post by Judge Smails on Apr 6, 2021 14:46:33 GMT -8
Yes, my dad is Tier 1 and makes 133% of his final salary. Unfortunately, he retired almost 30 years ago and 133% of his final salary is not what you think it is. The Doctors at OSHU (along with 3 former uck football coaches) are the ones that are really cleaning up from Tier 1. It was probably a pretty sweet deal for a couple of 5 or so years, then that purchasing power starts eroding real quick... A lot of high inflation years over the last 30, and historically Oregon has issued COLA's to PERS retirees pretty infrequently and they have not been all that generous (also usually greatly reduced or outright capped in or around $60K levels) While those OHSU docs and ex Duck football coaches get a lot of the news, anybody here can go download the PERS database and find out your average PERS beneficiary makes like $30K a year... not exactly living large in 2021. Yes, the database is interesting. In addition to the coaches and doctors, there's also a few politicians that have overly benefited from the formula. |
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Post by drunkandstoopidbeav on Apr 6, 2021 15:29:52 GMT -8
6% of you salary goes in your IAP, or your cash account. Tier 3 still receives a defined pension plan of 1.5% of your final average salary per year of qualified service. What the latter tiers of PERS did was eliminate some of the problematic income spiking available to Tiers 1 and 2. The majorly problematic money match option of tier one, where the employer MATCHES your annual annuity amount. Under Tier 1/2 PERS, retirees got 1.67% per qualified year of service AND the money match. what often ended up happening with money match is an employee of 30 years would get 50.1% of their final average salary, then money matched to equal a full 100% or just over. if you worked more than 30 years, say, 35 years... your retirement benefit could be 117% of your FAS. and so forth. Pare in some other rules, such as allowing unused sick time to be added to your final salary amount, thus spiking it, and you had retirees netting 120% or more of their last paycheck in retirement. Tier 3 eliminated money match, and set the pension at a strict 1.5% per year of service. now a 30 year employee has a defined pension of 45% final average salary after 30 years of service AND added to that, a cash account filled up by 6% employee contributions. A retiree can choose how that cash portion is distributed. It can be paired with the pension payment under a withdrawal plan, or paid in a lump sum. One caveat to your Tinkle example above of him retiring in 2027 at age 61, he wouldn't be eligible to collect the amount you referenced until age 65, correct? Or conversely he could start collecting his pension immediately at age 61 but at a reduced amount based on some actuarial formula? Just curious in general, not necessarily as it relates to Tinkle since that's a hypothetical scenario anyway. Just think of how much he'll be paid if he pulls a Boeheim and works here 'til 2041 or so. |
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