What to do if you have been fired?
The Spring Season in College Basketball is such a paradox.
Some teams/coaching staffs are competing for championships and some are worried about their futures at their schools.
If you have found yourself in a place where you in the latter position, take the following steps:
Go into a closet and shout all of the things you need to get off your chest.
Once you’ve done #1 its time to get to work.
Ive worked with staffs over the years who have been through this unfortunate situation and there are some proactive steps you can take along with trying to find another job.
Ill list them below and if you have further questions or need guidance feel free to reach out.
Take a look at your contract to determine when your last paycheck is scheduled to happen. Ive seen the full range of contracts ending April 1 all the way to July 1. Go ahead and start pairing back your expenses to get used to reduced income.
Knowing when you will receive your last paycheck will provide a hard date for you and your family to plan off of.
File for unemployment. This may be a hit to your pride but it is available for circumstances just like this.
Once you find out the end of your contract, meet with HR to determine the following.
What will your official termination date be at the school?
How much sick/vacation time you have accrued. College Basketball Coaches rarely take vacation or sick leave so it may be a couple of weeks. Also, some schools will cap the amount of sick/vacation you can get paid out on. Some will limit it to a period of time or a fixed dollar amount.
How long you can stay on the schools benefits plan and when their contributions will fall off. Most plans have COBRA laws that allow you to stay on the Health Insurance Plan for up to 18 months but their contributions should fall when you officially terminate and your premiums will go up.
You will want to shop other plans once those contributions fall off.
What the rules are for rolling over your retirement account into your IRA. Some states/schools have vesting periods so having an understanding of how much the Schools contributions you will keep.
If you are renting a house our appartment, when does your lease end and is there a clause in your lease that allows you to terminate the lease early if you have a sudden job change.
If you have an emergency fund, calculate how long it will last under current circumstances.
If possible, try not to withdraw your retirement funds. These funds are earmarked for retirement and you could be costing yourself years of earnings by removing it. Also you will have to pay taxes on the withdrawal + a 10% penalty.
Reach out to your network. Most likely they are aware of the news but in my experience this is a tight network and the best way to get back on your feet is through your network.
A couple of years ago I sat down with RIM Family member, Rob Burke to discuss the steps he took after being let go at The Citadel. The video is below.
Again, if you are a part of a staff that has been let go, and need help though any of these steps please do not hesitate to reach out.
Take the Long View!
PK
Adam Gordon, founder of Rising Coaches recently sat down with Kevin Devitt to share his experience with being let go.
https://members.risingcoaches.com/benefits-preview/quotes-kevin-devitt-stay-in-the-middle-of-the-ring