The
Bert Bell/Pete Rozell NFL Player Retirement Plan provides a monthly pension to retired players which usually begins on the first day of the month the player turns 55.* If the player is vested,** the amount of the monthly payment depends on when they were in the league and how long they were in the league. The monthly benefit is the sum of a player's benefit credits for each of his credited seasons. Under the
2011 CBA, these are the benefit credits per year:
Before 1982 $ 2501982 through 1992 $ 2551993 and 1994 $ 2651995 and 1996 $ 3151997 $ 3651998 through 2011 $ 4702012 through 2014 $ 5602015 through 2017 $ 6602018 through 2020 $ 760*Players can elect to take benefits early or defer benefits. The amount he receives is adjusted depending on when the payments start.**To be vested a player had to essentially play 3, 4 or 5 seasons depending on when he played.
So for example, a player who played from '94 through '98 would receive the following monthly benefit for the rest of his life:
265 + 315 + 315 + 365 + 470 = 1730 or 20,760/yr
If the player elects to take a monthly benefit for the rest of his life plus the rest of his spouses life the benefit is cut in half.
There are other benefits for former players:
The Second Career Savings Plan: Players can defer a portion of their salary and the team is required to match the deferred amount ($2 for each $1 deferred by the player) up to $24k/yr.
The Player Annuity Plan: provides former players with tax deferred earnings on contributions made by the clubs. The players can start receiving distributions once two things have occurred--they have reached the age of 35 and been out of the league for 5 years. The contribution per player is currently $5k for his second and third years in the league, $55k for his fourth season and $65k for each subsequent season.
401(k) Plan: Players can start contributing as rookies and teams must start matching in the second year up to $22k. Players are allowed to start taking distributions at 45.
Tuition Reimbursement Plan: Up to $15k per year for a total of $45k. Players are eligible after their first year.
Legacy Benefit: The league will make a contribution of $620 million for players with credited years prior to '93. The formula was to be agreed upon within 2 weeks of the CBA going into effect and payments started immediately.
The 88 Plan: Medical benefits to players diagnosed with dementia up to $100k/yr.
Severance Pay: Currently $15k for each credited season.
Disability Plan: Up to $30k/yr for players who cannot work.
Long Term Care Insurance Plan: Up to $150/day for a maximum of 4 years.
Health Reimbursement Account: Contribution of $25k/yr up to a total of $300k.
Former Player Life Improvement Plan: Payments for joint replacement, prescription drugs, assisted living, spine treatment, neurological treatment & term life insurance from $20k-$50k
Neuro-Cognitive Disability Benefit: A monthly benefit of between $1500 and $3000.