While sports fans are looking forward to tomorrow’s NFL games (for me the Beloved Bears vs. the Saints) that wil decide the two Super Bowl contestants, the retired NFL players are looking forward to receiving their pension increases under the new Collective Bargaining Agreement which I wrote about last year. (While agreement on the new CBA was reached last year, it was just radified at the end of the season by a vote of the NFL Players Association).
As to what this means in dollar terms for the retired player, here is a link to a letter on the Retirement Players Discussion Forum blog from Jeff Nixon, Vice President of the Buffalo Bills Alumni Chapter, to his guys that includes examples of the increases.
- For a player currently receiving a pension: If he had 6 credited seasons from 1965 to 1970 , his previous monthly pension benefit was $1,200 . His new monthly pension will be $1,500.
- For a player not yet receiving a pension. If he has 6 credited seasons from 1998 to 2003 his monthly pension benefit would have been $2,550. His new monthly benefit, if he starts receiving pension benefits at age 55 will be $2,805.
There’s a lot that could be written about on the subject – perhaps at a later time.