retirement

Retirement benefits of professional athletes

Retirement benefits: National Football League
Retirement benefits: National Football League

The National Football League has had a retirement pension in place since 1959. Players with at least one credited season in 1993 or after are vested after three credited seasons.

Players earn benefit credits for each season they play. The credit for each season earned between 2012 and 2014 is $560, and the monthly pension is calculated as the sum of all benefit credits. So a player with just two credited seasons between 2012 and 2014 would receive a monthly pension at age 55 of $1,120 for his lifetime. Hanging on an additional year, when the credit goes up to $660, lifts the monthly pension to $1,780. The benefit credit reaches $760 for those playing in the years 2018-2020.

In addition to the pension, a 401(k)-type plan called the NFL Player Second Career Savings Plan provides an employer match of up to $2 for every $1 contributed by the player. The maximum match is $24,000 through 2014, rising incrementally to $28,000 through 2020. Players are eligible for the 2-to-1 club matching contribution once they have earned their second credited season.

In addition, players receive contributions to the Player Annuity Program once they have earned their fourth credited season. The contribution amount for a credited season from 2014 to 2017 is $80,000. The amount rises to $95,000 for 2018-2020. Players may choose to receive this benefit as early as age 35 and five years out of the league as a monthly annuity or in annual installments.

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.14%  0.09 4.23%
15 year fixed 3.24%  0.02 3.26%
5/1 ARM 3.50%  0.20 3.70%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.29% --0.00 4.29%
50K FICO-based HELOC 4.04% --0.00 4.04%
100K FICO-based HELOC 3.89% --0.00 3.89%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79% --0.00 2.79%
48 month used car loan 2.99% --0.00 2.99%
60 month new car loan 3.24% --0.00 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.98%  0.01 0.97%
2 Year CD 1.17%  0.01 1.16%
5 Year CD 1.77%  0.06 1.71%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.75% --0.00 15.75%
Cash Back Cards 16.45% --0.00 16.45%
Low Interest Cards 10.96% --0.00 10.96%
 
Next
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

Medicare: Pricey isn’t always better

On average, Medicare Advantage and Part D prescription drug plan prices aren't going up much this year. Make sure yours doesn't buck the trend.  ... Read more

advertisement
Partner Center
advertisement

Connect with us