Which team has the best pension plans?
By Steve SpanglerThe Philadelphia Flyers, Pittsburgh Penguins, Toronto Maple Leafs and Washington Capitals all have plans to contribute to retirement.
Here are the five NHL teams that have plans in place:The Philadelphia Eagles (Retirement Plan): The Philadelphia Eagles have plans that allow players to withdraw up to $18,000 a year for the next 10 years.
If a player’s contract is up at the end of the 10th year, he can choose to withdraw that money from the retirement account.
He would then be able to earn an extra $18.4 million.
He can also opt to retire with no contributions to the retirement plan.
If he chooses to do so, he’ll be eligible for a $5.4-million bonus.
If he wants to keep the money, he would have to pay the difference.
The Philadelphia Knights: The Philadelphia Knights are the most prominent pension plan provider in the league.
The team has plans that will allow players with more than $18 million in contributions to make contributions of up to 25% of their annual salary for a maximum of $2 million annually.
Players can choose whether they want to contribute as much as 50% of the salary they receive or not.
The Knights plan is similar to the Philadelphia Eagles plan, except that players can choose not to make any contribution at all.
Players who make more than that amount could earn bonuses of up a minimum of $300,000.
The Pittsburgh Penguins: The Penguins have a similar plan as the Philadelphia Knights, except players who have $18-million in contributions can opt out of that contribution for any reason.
Players who choose to do that will also be eligible to receive a bonus of up $400,000 per year.
Players can opt in to this plan by giving their salary to a trust fund.
The Toronto Maple Leaf: The Maple Leafs have a plan similar to Philadelphia’s, except it allows players to choose whether to make a single contribution or all.
The maximum contribution a player can make is $3.1 million.
The amount of the bonus is $300.00 per year for 10 years and $250,000 for the rest of the player’s career.
Players in the NHL are expected to contribute $15,000 to their retirement plan each year for up to 15 years.
The Washington Capitals: The Capitals have a $10-million retirement plan, similar to those of the Philadelphia Flyers and Pittsburgh Penguins.
Players earn the full maximum amount of money they can earn during their career, but if they choose to reduce their contributions, they can reduce the amount of their contribution to $5,000, which is capped at $2.3 million per year over the course of their career.
If they decide to retire at the age of 34, they would be eligible with $2,600 in contributions each year.
If a player wants to stay with the team after that, he or she will have to contribute up to 35% of his or her annual salary to the team.
The Flyers and Penguins are the only two teams that do not have plans similar to these.
The Maple Leafs, Knights and Penguins have not released details on their plans for retirement.