MLB Pension question

[broker3d]

I have always wondered what type of pension MLB players get. Does anybody know? How many years of service are needed to be eligible? I am pretty sure the NFL is 4 years to be eligible, no idea with MLB. In the Chicago Trib the other day in the write up about Buehrle getting his 10 & 5 it referenced that he was now in the MLB pension plan.

[HomeFish]

According to the Buehrle article, it's 10 years.

[Balfanman]

I have no idea what it is, but I hope that it only includes those who have never made more than a million dollars in a season, or some similiar cut off point.

I love Mark, but why would anyone who makes >14 million a year, need a pension?

[doublem23]

I believe the pension plan is fully vested after 10 years, but guys who don't make it a full decade are still eligible to recieve money based on a formula for how much time they had in the Majors. There are also some other stipulations to recieve a full MLB pension, including employment after baseball. So guys like Buehrle, with millions of dollars in the bank, who just want to sit around at home hunting and raising his family won't be eligible for the absolute max, while some scrub who had a year or two in the show, made a couple hundred thousand bucks, and continued to work after his playing days, may still wind up with a lucrative pension plan when he's ready to retire.

Either way, the MLB union is the strongest in all of sports and, not surprisingly, their pension plan is one of the most envious in the industry, as well.

[Balfanman]

Originally Posted by doublem23

I believe the pension plan is fully vested after 10 years, but guys who don't make it a full decade are still eligible to recieve money based on a formula for how much time they had in the Majors. There are also some other stipulations to recieve a full MLB pension, including employment after baseball. So guys like Buehrle, with millions of dollars in the bank, who just want to sit around at home hunting and raising his family won't be eligible for the absolute max, while some scrub who had a year or two in the show, made a couple hundred thousand bucks, and continued to work after his playing days, may still wind up with a lucrative pension plan when he's ready to retire.

Either way, the MLB union is the strongest in all of sports and, not surprisingly, their pension plan is one of the most envious in the industry, as well.

That's good to hear.

[doublem23]

Originally Posted by Balfanman

That's good to hear.

I'm not 100% sure about that employment requirement, but either way, the pension payments don't kick in for years. It's not like Buehrle could retire after his current contract expires in 2011 and start collecting $100 K pension checks for the rest of his life. He'd still have to make ends meet on his own until his 50s or 60s, when he's eligible to start receiving payments.

Considering how many multimillion dollar athletes constantly piss their earnings away because of stupid business deals or personal demons, you can't blame them for wanting to find a little security. It's not like a lot of these guys have many marketable skills to enter the job market once their playing days are over.

[Balfanman]

Originally Posted by doublem23

Considering how many multimillion dollar athletes constantly piss their earnings away because of stupid business deals or personal demons, you can't blame them for wanting to find a little security. It's not like a lot of these guys have many marketable skills to enter the job market once their playing days are over.

I honestly don't care that much about this issue. Baseball makes plenty of money and I would rather the atheletes themselves recieve most of it instead of the billionaire owners.
That said, if I made the kind of money that alot of atheletes make, I could only blame myself if I had nothing left to show for it in my retirement years.

[broker3d]

Anyone know what kinda dollars they pull in on the pension plan?

[Paulwny]

Originally Posted by broker3d

Anyone know what kinda dollars they pull in on the pension plan?

http://www.sportsbusinessjournal.com/article/17849