How to transition to a new school…
This time of year always brings a lot of change in the College Basketball Coaching world.
The curator of @HoopDirt recently tweeted that 51 Division 1 Head Jobs changes each year on average.
If you look at it exponentially that means roughly 200 jobs are at risk of changing. This does not account for D2, D3, NAIA and the other assistants that move for other reasons.
That’s a lot of transition!
These transitions happen quick. As you know going to a new job requires you to hit the ground running at your new school and often making a financially successful transition can go by the wayside.
So what is a prudent strategy to employ as you transition from one school to the next.
First, if you are a part of a staff that has been let go, I write about that here…
If you are moving from one job to the next here are a couple of steps
Meet with HR at your current school to find out what your official termination date will be. This is important for several reasons that I will outline below.
Once you find out what your termination date is, find out what you are entitled to in the way of:
What date you will receive your last paycheck.
Unused Sick/Pay leave. Basketball Coaches notoriously do not use Vacation or Sick leave and you may be entitled to additional paychecks or they may issue you a lump sum. This is worth paying attention to as it may be significant.
When your health insurance will end.
What date you will be able to Roll the funds in your School Retirement Account into your Individual IRA.
At your new school, hopefully you received a benefits packet while on campus for your interview. Again, being prepared for this transition could mean the difference of thousands of dollars. Here are a couple of steps to take.
What date will you receive your first paycheck?
Determine when you are eligible for the benefits offered. Periods range from immediately to 90 days post hire.
Understand the health insurance offerings, like the difference in plans, costs and benefit periods.
What ancillary benefits are you eligible for? IE, Dental, Vision Disabilty etc.
What are the retirement plan options?
For most coaches enrolling in a 401(k), 403(B) type plan is advised even if you are at a state school that offers a pension.
What are the investment options with those plans and what are the underlying costs to invest.
What is the School’s Match. (For example if you contribute 6% of your salary, some schools will contribute 3% of your salary as a match)
How long do you have to wait before being eligible.
Lastly, if you rent understand when your lease agreement ends and what the implications of terminating the lease early are. If you own your home make preparations to either sell your home or find a tenant for your property.
If you are in the middle of a job change or anticipate a job change and have questions about any of the points above, please do not hesitate to reach out.