NFL players are retiring and their spouses, but the retirement packages for the NFL’s 32 teams are still in limbo.
The NFL announced Tuesday that it will offer up to $150 million to help pay for retirement plans for players and their wives.
It is the latest step in the league’s efforts to help players who have been impacted by the Great Recession, which saw tens of thousands of players go through what is called “retirement home visits” that often included financial help from their employers.
“It is a very difficult time,” said ESPN’s John Clayton.
“I would hope that we can get this done in the right way.
It is important to have a comprehensive plan that is going to cover the player’s entire life and not just what they will be leaving behind.”
The plan will likely be part of the NFLPA’s efforts in the coming weeks.
The players’ union has been pushing for the plan, saying it will help cover the costs of retiring players and they want it to include the benefits of the player pension, the NFL Players Association said in a statement.
“This program is critical to providing players with the financial security and opportunity to contribute to the retirement of their loved ones,” the statement read.
“We thank the NFL and the NFLCA for working with us to reach this agreement.”
The NFLPA said the agreement also addresses the “future of the players pension fund,” which will be subject to a 10-year transition plan.
The deal comes on the heels of the release of the National Football League Players Association’s proposal, which included a $1.5 billion pension plan.
That plan was a compromise that the NFL didn’t want to include in the collective bargaining agreement.
The NFLPA says that pension plan is still in the process of being developed.