The NFLPA announced today an increase in pension benefits for former NFL players who vested under the Bert Bell/Pete Rozelle NFL Player Retirement Plan after 1992, and have Credited Seasons from 1993 through 1996. These players will generally have their monthly pension benefits for each of those seasons increased to $363 per month, from $265 per month for 1993 – 1994 and $315 per month for 1995 – 1996. In addition, 456 players from among the same 1,722 players will also have their monthly pension amounts for Credited Seasons earned prior to 1993 increased to $363 per month.
The total increase in a player’s pension as a result of this “Special Credit” will vary depending on numerous factors, including the payment option a player has selected for his pension benefit. Therefore, the specific details of this latest increase will be sent to each of the players impacted in the near future. The Special Credit is scheduled to take effect starting on September 1, 2014.
This latest pension increase is being funded through the Joint Contribution provision of the 2011 Collective Bargaining Agreement between the NFLPA and the NFL that sets aside money to fund retired player benefits as determined by the NFLPA. At a cost of $35.4 million, this increase is being funded over three years.
This pension increase comes only a few years after the $620 million Legacy Benefit was negotiated by the NFLPA which increased pensions for players who vested prior to 1992. Combined with the Legacy Benefit, more that $655 million has been set aside under the 2011 CBA to fund increases in pensions for players who have left the game.