NHLPA pension issue? Any info out there?

Someone has convinced the players that they need a defined benefit pension. Unfortunately the onus on such a plan relies on the owners and not the players. A DBP (defined benefit plan) is based on maximum average earning over a short time. and not over longevity. Thus a player who plays for eight years at $5MM per year might earn a life pension of $4MM per year upon qualifying.

Quick math lesson. 750 players in the NHL at $2.4MM average each. Let's assume that 60% play the qualifying five years at that salary. Upon drawing their pension 60% of 750 (450) will be receiving a 80% of $2.4MM ($1.92MM). That would mean 864 million would be paid out in pension each year for each year of qualification. assuming an 8 year qualification period (or average career) this is approximately $100MM dollars per year for each year of life on pension. If the average pensioner lives 15 years on pension. So 1.5 Billion is what must be set aside in the bank to fund this pension. This would bankrupt even the Leafs and the Rangers. The laws in Canada are even worse.

I have visible an awfully equivalent situation within the final few months the place the spouse had to stop work for precisely the identical explanations as you. The object that I see is that the granting of an early retirement pension is an option but an pricey one and one who the neighborhood authority will prevent in any respect charges. You really need to pursue that choice. Are you presently on Incapacity improvement? Do you've gotten any prospect of doing gainful employment once more? I believe that you might declare a pension however no longer one with the extra years constructed in as you may count on on unwell health retired. I will imagine that this must be very miserable for you as you might be still slightly younger. You will be first-class looking for advice out of your nearby CAB and take it from there.