The NFL Players Association announced Monday an increase in pension benefits for 1,722 former players who vested under the NFL Player Retirement Plan after 1992.
These players would have credited seasons from 1993 through 1996. Their monthly pension benefits for each of those seasons will increase to $363 per month, from $265 per month for 1993-94 and $315 per month for 1995-96.
In addition, 456 players from among the same group of players will also have their monthly pension amounts for credited seasons earned prior to 1993 increased to $363 per month.
The NFLPA said 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. The increase will take effect on Sept. 1.
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.