NFL players get their own retirement savings plan, according to an employee pension
NFL players are getting their own 401(k) plan and other retirement savings in a sign that the league is paying attention to the long-term needs of retirees in an era of stagnant paychecks.
Employees are getting a separate 401(p) plan, with a higher risk pool and more flexible payout plans.
A company-sponsored plan is not currently available for NFL players.
The plan will provide players with an “in-kind benefit” of $50,000, according the NFL Players Association.
It will be offered in the form of a traditional IRA, which is a non-tax-deductible investment.
It is a smaller investment than the traditional IRA but it’s also much easier to manage, and can be transferred to employees and their families for tax purposes.
NFL Players Assn.
spokeswoman Amanda Mascaro said that the union is in talks with other NFL teams to create a 401(q) plan.
NFLPA spokesman David Castiglione declined to comment on the specific plans, but the union hopes to offer them to players by the end of the year.
The NFLPA is negotiating with several other NFL franchises to create their own versions of the 401(qu), which could include the same type of risk-based investment that players are using, he said.
It’s a strategy that has been discussed for years, but with few success.
A few years ago, the NFLPA introduced a new version of its 401(r), which is designed for athletes who are nearing retirement.
That plan offers a different kind of plan that allows players to have a different amount of invested capital for a given investment.
That investment could be a share of a company’s stock or money held in an IRA.
But the NFL plans to keep its own 401() plan separate from the 401()Q plan, which the union wants to offer to players in 2018.
Castiglio also said that NFL players’ union will be offering their own health insurance for employees by the summer of 2019.
The union wants all players to be covered under a new collective bargaining agreement that was signed in late January.
That includes benefits for injured workers, health care and unemployment benefits, and a “right to work” law that the NFL is challenging in court.
“As we work with our players, we want to make sure that they have access to quality health care,” Castiglioni said.
“If players are injured or sick and they’re eligible for those benefits, they should have access.
We want to be a model for how we want the NFL to work with its players.”