Dunc n Dave
07-26-2012, 12:25 AM
Interesting article on NBA pension plans and 401k. These guys should never be broke! 140% MATCH on their 401k? Also compares NBA to all the other major sports plans.
NBA players have one of the most generous pension plans in all of professional sports. They are vested into their pension plans after playing at least three seasons in the league. The minimum benefit for a player that retires at the age of 62 is $56,988 per year - not a bad retirement for a three-year career. The maximum benefit for any player is $195,000, and it takes 11 years of NBA service to qualify for this benefit.
But that's not all! NBA players are also eligible to participate in a league-sponsored 401(k). Do you think your 401(k) plan is good with a 50% matching policy? The NBA matches player's contributions up to 140%. (Learn more about retirement plans in Independent 401(K): A Top Retirement Vehicle For Sole Proprietors.)
Read more: http://www.investopedia.com/financial-edge/0710/Top-Pro-Athlete-Pension-Plans.aspx#axzz21heHUmdE
NBA players have one of the most generous pension plans in all of professional sports. They are vested into their pension plans after playing at least three seasons in the league. The minimum benefit for a player that retires at the age of 62 is $56,988 per year - not a bad retirement for a three-year career. The maximum benefit for any player is $195,000, and it takes 11 years of NBA service to qualify for this benefit.
But that's not all! NBA players are also eligible to participate in a league-sponsored 401(k). Do you think your 401(k) plan is good with a 50% matching policy? The NBA matches player's contributions up to 140%. (Learn more about retirement plans in Independent 401(K): A Top Retirement Vehicle For Sole Proprietors.)
Read more: http://www.investopedia.com/financial-edge/0710/Top-Pro-Athlete-Pension-Plans.aspx#axzz21heHUmdE