Tyler Summitt "Living whole other life"

#26
#26
boxerpupsrcool said:
You are right..i missed the last bit of that article. Anyhow, i thought i read another article awhile back that the girl he was "inappropriate" with was prego with his child..explains why he gets those awkward comments..looks like that was bad or incorrect info
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She could have had an abortion or a miscarriage.
 
#28
#28
brassie said:
Connecticut is in the same boat. Once one of the wealthiest states they are swamped with debt. One of the biggest drags is public employee pensions that resulted from years of sweetheart deals between politicians and unions.
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You vote for me and I'll return the favor with a large pension for you. A self perpetuating system that will continue until all the rich people move out.
 
#29
#29
I personally think it is tacky for the writer to state what Pat's pension was and is for Tyler. I understand it is public information, but still. Who didn't know she was extremely wealthy and couldn't guess that he would be the beneficiary and heir. Despite his mistakes (and I am not making excuses for him), he still lost his mother at a very young age, long before she passed away. If we all loved her as if we knew her personally, imagine the loss he is carrying around.
 
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#30
#30
LVFL said:
I personally think it is tacky for the writer to state what Pat's pension was and is for Tyler. I understand it is public information, but still. Who didn't know she was extremely wealthy and couldn't guess that he would be the beneficiary and heir. Despite his mistakes (and I am not making excuses for him), he still lost his mother at a very young age, long before she passed away. If we all loved her as if we knew her personally, imagine the loss he is carrying around.
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Well said! It is devastating to lose your mother - period. Imagine losing her "twice," so to speak, as I have been told by many who have lost a loved one to Alzheimer's. I was 31 when I lost my mom and I felt completely and utterly lost. I imagine he felt very much the same and also had to witness her taken down by a horrific disease prior to her physical death. Not making excuses at all for his behavior, but he is a human, after all and we humans make mistakes. I hope his life is getting back on track.
 
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#31
#31
His parents worked hard to make their lives better and the lives of their child better. Good for them. That is the American way. Work hard and better your life and the lives of the ones you love.

To turn a new twist to an old phrase, Tyler was born on 3rd base and then got picked off. As gule said earlier, Tyler was too young to be given so much in the coaching profession. He blew it. Glad to see he is back in school preparing for a new career where he will be a productive member of society. His parents earned the right to give him a good life and it's his responsibility to build on that for his future children and to give back to his church or charities of his choice (Alzheimer research should benefit).

I hope he bounces back and is successful going forward........and I hope his ex wife got her cut.
 
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#32
#32
tennrich1 said:
It seems we have folks that have no clue how business works....She designated him non-spousal beneficiary of her pension THAT SHE CONTRIBUTED TO MONTHLY...and that's the way business works....SIGH!!!
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So Tyler gets over $175,000.00 per year for life with cost of living increases. And this is for a pension fund Pat set up (paid into) that would pay a surviving beneficiary (Tyler) for life. Sounds like she negotiated a hell of a deal for her baby boy.:good!:
 
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#33
#33
ru4real-really? said:
So Tyler gets over $175,000.00 per year for life with cost of living increases. And this is for a pension fund Pat set up (paid into) that would pay a surviving beneficiary (Tyler) for life. Sounds like she negotiated a hell of a deal for her baby boy.:good!:
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She paid into a pension.
 
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#34
#34
508mikey said:
I wonder how much alimony he has to pay -- otherwise he is set for life financially
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Since he wasn't employed at the time of their divorce, and his mother's pension and estate are not subject to a divorce agreement, probably not very much.

She is also employed, so alimony is kind of a moot point. She likely received or will receive a one time settlement for the marital assets that were accrued during their time together.
 
#35
#35
DeerPark12 said:
Since he wasn't employed at the time of their divorce, and his mother's pension and estate are not subject to a divorce agreement, probably not very much.

She is also employed, so alimony is kind of a moot point. She likely received or will receive a one time settlement for the marital assets that were accrued during their time together.
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Ok -- First I saw anything about the divorce, I thought maybe they got counseling and tried to keep their marriage together -- Losing her, had to hurt worse than losing the coaching job, since they had been together since high school
 
#36
#36
HuntlandVolinColo said:
I don't know about state but Federal you can contribute $18,000 per year into 401K plus $6,000 catch up for over 50 years old...and that is in addition to the pension.

As for pensions, employees typically contributes as set percentage...say 2-7% and employer pays the other 93-98%. It is a good deal for the employee but it pushes humongous costs down the road.

Just ask Illinois which will try and declare bankruptcy in the next few months even though states aren't supposed to be allowed to declare.

Most employers outside of government have went away from pensions for that very reason. Federal Government has both Pension and 401k...and a lot of debt.
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401ks are governed by the ERISA statute, so it's all federal. You are looking at old numbers. I've corrected your numbers for 2016 and 2017. Those numbers will likely bump up a little in 2018. And you are correct, you can combine a pension and 401k (typically called a "Combo Cash Balance/401k plan"), which allows someone to put a lot more away (A LOT!) than just the $18,000 + $6,000 catch up.
 
#37
#37
I would bet that CPS' estate was way more than just her state pension. I'm sure that she had properties, savings and other significant investments.
 
#38
#38
Would anyone have believed that Pat Summitt would have done anything OTHER than the most outstanding job that could possibly be done to make sure that her only child would be well stationed in the event of her death?

That woman worked hard at being the best at everything she touched. Tyler's bank account is just more proof of that. I love it!
 
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#39
#39
tennrich1 said:
There is a massive amount of ignorance here about some pensions. Most are contributed to by employees. And I know some who contribute as much as 20%. THE PROBLEM LIES WITH TOTALLY INEPT, IGNORANT, and in some cases, PERSONALLY BANKRUPT CITY/COUNTY etc elected officials handling the entity finances. THATS THE PROBLEM IN ILLINOIS..,:BUT HEY BLAME IT ON THE HARD WORKING FIREFIGHTERS/POLICE OFFICERS!!! They are easy targets...,and trust me I despise what unions have done to our nation. They are not without blame too..
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Totally agree, tr1. Exposing these corrupt political crooks to the light of day is way long overdue. Great spot-on post and thank you.
 
#40
#40
Besti said:
You vote for me and I'll return the favor with a large pension for you. A self perpetuating system that will continue until all the rich people move out.
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The problem has nothing to do with rich people doing anything. This is about corrupt politicians cutting unsustainable deals with unions. Nothing more; nothing less...
 
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#44
#44
508mikey said:
Ok -- First I saw anything about the divorce, I thought maybe they got counseling and tried to keep their marriage together -- Losing her, had to hurt worse than losing the coaching job, since they had been together since high school
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A hole shouldn't a cheated.
 
#45
#45
Isn't is a defined benefit plan (pension) rather than a defined contribution plan (savings)? Didn't Pat decide to opt for a lower monthly amount in exchange for having the option to designate a child as a potential beneficiary?
 
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#46
#46
peppervol said:
The problem has nothing to do with rich people doing anything. This is about corrupt politicians cutting unsustainable deals with unions. Nothing more; nothing less...
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But it does have something to do with rich people. When the corrupt politicians collude with the unions, the result is raising taxes on the rich & Corporations. As a result, they move to a more tax friendly state, leaving the debts behind for less wealthy taxpayers to pay.
 
#48
#48
governmentmule said:
nothing like hearing about spotlit rich kids is there ?
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Pat earned it, she can leave it to whomever she pleases. She chose Tyler and as Thunder pointed out, she paid into the plan and she chose to take less so she could pass it along to him.

I hope to leave my kids a huge pot of money too. I am earning it and I don't know why some think it should be taken by the government at my death to pass out to people who don't work or don't do anything to try and improve their lot in life (ie: education)
 
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#49
#49
Backwards K said:
Pat earned it, she can leave it to whomever she pleases. She chose Tyler and as Thunder pointed out, she paid into the plan and she chose to take less so she could pass it along to him.

I hope to leave my kids a huge pot of money too. I am earning it and I don't know why some think it should be taken by the government at my death to pass out to people who don't work or don't do anything to try and improve their lot in life (ie: education)
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Amen!!!!!!
 
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