6c2930289c This places the financial risk of the retirement nest egg more squarely on the worker, rather than the employer. *Update July 2015: There has been significant confusion and debate over the impact of buyouts of 35 players. To revert back to one? Nearly unheard of.That said, most professional sports leagues have defined pension plans for their athletes, in part because their time working in those leagues is relatively short compared to other occupations. — James Mirtle (mirtle) January 8, 2013. Games help niche sports Sports in Society Big names flock to Vatican event Opinion From The Executive Editor Shapiro: Lessons from the court From the Field of Media Cartoon: Long live the King People and Pop Culture People: Executive transactions In The Office: Jamie Pollard, ISU FRESH LOOK: Owners use a new playbook to spark a revival in South Florida. We are now adopting this interpretation until further evidence indicates otherwise. The MLB has one of the more generous plans: making it 10 seasons at the major league level will earn you $200,000 per year in pension. The 35 rule prevents teams from manipulating extra cap space by signing veteran players to front-loaded, multi-year contracts, for example. Rather than simply punishing the team that signed the original salary cap circumventing deal should that player retire before the expiry of their contract, the clause will now have a punitory impact on the salary cap of both the team that originally signed the deal (the Canucks, in Luongo's case)and whichever team acquires that contract through trade should the player retire. Recommended: NHL hits the ice: Take our pro hockey quiz The shift comes at a time when most industries are switching their retirement compensation plans but in the opposite direction.
The NHL previously had a pension plan for its retired players up until '86, "when it switched to a defined-contribution plan." Setting up new pension plans is "a rare occurrence at North American workplaces." The NHL in the new CBA agreed to contribute $38M annually to the pension fund "during each of the next 10 years." Details of how the pension plan will be structured have not been disclosed, but for "most NHL players, the benefits likely will be limited" because the "careers of most players are short." Buffalo-based Graystone Consulting was "picked to manage the pension fund" (BUFFALO NEWS, 6/7). This was not the case though. The median NHL salary is about $2.5 million per year.That means a pro hockey player who enters the NHL at 22 and has an typical career at a typical salary retires at 26, then probably has to make the $10 million he earned last for another five decades or so. All other salary and bonuses still count. First of all, with the opt-out clauses attached to the length of the new CBA, there's no guarantee the rules will be the same by the time the penalties are scheduled to take effect. The annual salary breakdown is as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 AAV $7.6M $7.6M $7.2M $7.0M $4.0M $0.6M $0.6M $4.9M At first glance, the front-loaded nature of this deal meant Pronger could get a significant majority of his money in the early years of the contract while the Flyers carried a smaller cap hit on their books. Apache Tomcat/8.0.35.
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