Much has been made about the recent NBA collective bargaining agreement and about LeBron James and the NBA Players’ Association’s efforts to create benefits for the league’s retired players.
After Thursday’s New England Patriots practice, the NFL Players Association initiated a similar collaboration, reports the Boston Globe’s Ben Volin:
Patriots players got a visit from De Smith and several NFLPA executives today to discuss player benefits, 401k and other programs
— Ben Volin (@BenVolin) October 21, 2016
In December 2015, The Employee Benefit News ranked the NFLPA as one of the top 30 companies with the best 401(k) plans with more than $1 billion in assets. The player’s association first created their NFL Player Second Career Savings Plan in accordance with the 1993 CBA.
All players except practice-squad members can contribute to the plan, in which NFL teams match $2 for ever $1 players offer.
Per the NFLPA: “Players are eligible for club contributions if they have exactly one Credited Season. The minimum club contribution is $1,000 for players with exactly one Credited Season, $7,200 for players with exactly two Credited Seasons and $3,600 for players with three or more Credited Seasons. Players receive a matching contribution if they contribute at least $13,000 and have at least two Credited Seasons.”