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Jacobs stepping down


WDE0007

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6 hours ago, Mike4AU said:

JJ getting that exorbitant retirement pay is an absolute disgrace. 

The disgrace started when he was hired for a position he wasn’t qualified for.

Then another disgrace, was his continued retention. 

The rest, to include his retirement, all followed the hire.

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2 hours ago, Tiger said:

Well at least we didn't rename the stadium for him like he initially asked for lol

What, when? Did I miss this?

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22 hours ago, SphyNxXx said:

One thing I can add is that unlike some deferred benefits plans, the RSA plan requires members to contribute a good bit towards it. I worked for 7.5 years with the state and when I left, it was mandatory to contribute 7.5% of your gross income toward RSA. RSA payments are calculated based on your average annual income over the last 5 years of employment in conjunction with your contributions. 

Nobody wants to hear that...it destroys their preconceived notions..  And nobody wants to know that he is not among the 15 to 20 highest paid ADs in college football where million dollar salaries are not uncommon any longer.  

Just wait to see what his successor gets.

https://fansided.com/2017/08/01/top-10-highest-paid-athletic-directors-ncaa-d1-schools-last-year/

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54 minutes ago, ToraGirl said:

What, when? Did I miss this?

I was being sarcastic but apparently he had a wild list of requests he gave to AU to enjoy during his retirement 

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I hope everyone understands that Auburn isn't paying this retirement, the State of Alabama is, and it is because he is an employee of the state and that is their retirement policy. The good news is, they weren't caught blindsided by it and actually prepared for it. Still... it goes to show you how corrupt our systems are. The people who make these rules bake in golden umbrellas for themselves and then the rare few who have similar salaries to the highest paid politicians get the benefit as well. For the average Joe, 60% of your salary in retirement isn't great. I guess when they wrote it, they didn't consider how high university employee salaries could go, or they would have written in exemptions for everyone except politicians.

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17 hours ago, Tiger said:

I was being sarcastic but apparently he had a wild list of requests he gave to AU to enjoy during his retirement 

I was about to sharpen my "TORA" (Japanese = TIGER) claws. Thanx.

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2 hours ago, lionheartkc said:

I hope everyone understands that Auburn isn't paying this retirement, the State of Alabama is, and it is because he is an employee of the state and that is their retirement policy. The good news is, they weren't caught blindsided by it and actually prepared for it. Still... it goes to show you how corrupt our systems are. The people who make these rules bake in golden umbrellas for themselves and then the rare few who have similar salaries to the highest paid politicians get the benefit as well. For the average Joe, 60% of your salary in retirement isn't great. I guess when they wrote it, they didn't consider how high university employee salaries could go, or they would have written in exemptions for everyone except politicians.

Shoot...that little problem caught about everyone by surprise and underfunded pension plans are a bubble still waiting to burst and there are untold numbers of local and state governments that are technically bankrupt.    These plans that were negotiated by employee unions were often sellouts by the politicians who were on the other side of the table....and who then expected political support and contributions from the employee unions.   

JJ's retirement just highlighted the issue and the unusual fact that he was in the system for 30 year and was making big money at the end makes it even more eye catching.  And as I noted earlier, JJ is not even among the most highly paid ADs....down in the list a ways.....so imagine what some other states face though JJ is unusual by staying long enough in the state system to take full advantage of it. 

https://www.cnbc.com/2016/08/25/state-pension-fund-gap-to-top-1-trillion.html   

Only the most optimistic 40 year old state employee should believe that he or she will get a full pension in 25 years.

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