Post by KY Crusader 75 on Sept 2, 2021 9:40:35 GMT -5
Do players begin collecting the pension when they retire or must they wait to age 65 or another specific age?
Here's what I found on one site-I've bolded some key phrases, confirming what others have said and adding info about age
To be eligible for pension benefits in the NFL, a player must play for three seasons.[2] (For a season to count for pension purposes, the player has to be on the roster for at least three games.)
The player then earns credits for each season played, and these credits increase the amount of his pension.
NFL Retirement Age
Players tend to retire from the NFL at a young age — sometimes in their 20s. The average player only plays for a few seasons,[3] though top players tend to play a bit longer before retiring.
The average NFL career length is trending shorter and shorter, however, as more and more players decide to retire early.[4]
In the past, many players retired due to injuries that made them unable to play. Nowadays, more players are choosing to retire before they sustain a career-ending injury that would also affect their ongoing health and lifestyle.
However, this doesn’t mean that they’re paid retirement benefits as soon as they decide to retire.
Age to Access Pension
Standard age requirements apply for former NFL players to be paid retirement benefits — players must be 55 years old to receive money from their pension.[3]
If players want money earlier, they can choose to receive benefits from the annuity program as early as age 35.[5]
So, even though players retire at a young age, they can’t access their full NFL retirement benefits right away.
NFL Pension Amounts
The dollar amount of a former NFL player’s pension check depends on how many seasons he played.
Once eligible, the player receives a credit for each year played, which equates to a certain monthly pension amount — for example, for seasons played from 1998 to 2011, this amount is $470 per month.[3]
NFL pension value increases periodically and is the same for all players regardless of salary.
Currently, a player with the minimum of three years of play would receive an annual pension check of $21,360 at retirement.[3] On average, retired players receive about $43,000 annually from their pension.
Players who take advantage of the 401(k) plan would also be able to make withdrawals from that account when eligible. The amount of this benefit would depend on how much he chose to contribute to the plan while he was still earning money.[3]
Similarly, players with an annuity could be receiving payments from that as well. Again, the amount would depend on the total amount of the annuity; it would also depend on how the player chose to receive payments (including the age to start and the frequency of payments).[3]
Other NFL Retirement Benefits
Players can qualify for two other benefits in addition to the pension plan.
One is a 401(k)-type plan (the Second Career Savings Plan) that includes two-for-one employer matching, and it is available to players once they play for two seasons.
The other benefit is a Player Annuity Program, which is available after they play for four seasons.
Former NFL players are also eligible for several types of health care benefits.
The National Football League Players Association (NFLPA) describes the following benefits available to former players:[6]
A Joint Replacement Program provides assistance to former players who require medically necessary joint replacement
A Medicare supplement program helps to pay for Medicare supplement insurance for those 65 or older and covered by Medicare
Life insurance for those under 55 years of age
A neurological care program with no out-of-pocket expense to retired players
A spine treatment program with no out-of-pocket expense to retired players
A discount prescription drug card
Priority access to assisted living facilities
Here's what I found on one site-I've bolded some key phrases, confirming what others have said and adding info about age
To be eligible for pension benefits in the NFL, a player must play for three seasons.[2] (For a season to count for pension purposes, the player has to be on the roster for at least three games.)
The player then earns credits for each season played, and these credits increase the amount of his pension.
NFL Retirement Age
Players tend to retire from the NFL at a young age — sometimes in their 20s. The average player only plays for a few seasons,[3] though top players tend to play a bit longer before retiring.
The average NFL career length is trending shorter and shorter, however, as more and more players decide to retire early.[4]
In the past, many players retired due to injuries that made them unable to play. Nowadays, more players are choosing to retire before they sustain a career-ending injury that would also affect their ongoing health and lifestyle.
However, this doesn’t mean that they’re paid retirement benefits as soon as they decide to retire.
Age to Access Pension
Standard age requirements apply for former NFL players to be paid retirement benefits — players must be 55 years old to receive money from their pension.[3]
If players want money earlier, they can choose to receive benefits from the annuity program as early as age 35.[5]
So, even though players retire at a young age, they can’t access their full NFL retirement benefits right away.
NFL Pension Amounts
The dollar amount of a former NFL player’s pension check depends on how many seasons he played.
Once eligible, the player receives a credit for each year played, which equates to a certain monthly pension amount — for example, for seasons played from 1998 to 2011, this amount is $470 per month.[3]
NFL pension value increases periodically and is the same for all players regardless of salary.
Currently, a player with the minimum of three years of play would receive an annual pension check of $21,360 at retirement.[3] On average, retired players receive about $43,000 annually from their pension.
Players who take advantage of the 401(k) plan would also be able to make withdrawals from that account when eligible. The amount of this benefit would depend on how much he chose to contribute to the plan while he was still earning money.[3]
Similarly, players with an annuity could be receiving payments from that as well. Again, the amount would depend on the total amount of the annuity; it would also depend on how the player chose to receive payments (including the age to start and the frequency of payments).[3]
Other NFL Retirement Benefits
Players can qualify for two other benefits in addition to the pension plan.
One is a 401(k)-type plan (the Second Career Savings Plan) that includes two-for-one employer matching, and it is available to players once they play for two seasons.
The other benefit is a Player Annuity Program, which is available after they play for four seasons.
Former NFL players are also eligible for several types of health care benefits.
The National Football League Players Association (NFLPA) describes the following benefits available to former players:[6]
A Joint Replacement Program provides assistance to former players who require medically necessary joint replacement
A Medicare supplement program helps to pay for Medicare supplement insurance for those 65 or older and covered by Medicare
Life insurance for those under 55 years of age
A neurological care program with no out-of-pocket expense to retired players
A spine treatment program with no out-of-pocket expense to retired players
A discount prescription drug card
Priority access to assisted living facilities