Archived

This topic is now archived and is closed to further replies.

VancouverCanucksRock

Millionaire Pension Plan

19 posts in this topic

LMFAO, what do millionaires need a Pension Plan for? Oh yeah, they are horrible with their frickin' money, and don't know how to put any away for the fiture. I could survive off of a half a year of Luongo's salary for the rest of my bloody life. What tools

1

Share this post


Link to post
Share on other sites

The majority of people live paycheck to paycheck, millionaires are not always the exception. When you have lots of money you buy more expensive things. Your house costs more, taxes cost more, cars cost more, food costs more.

While I agree with your sentiment, I make 350k a year and I still run out of money constantly... lol

0

Share this post


Link to post
Share on other sites

We all say that, but until you have that money how do you know that you won't be looking at things and being like "Oh, I have so much money it won't hurt", until it's too late?

0

Share this post


Link to post
Share on other sites

The majority of people live paycheck to paycheck, millionaires are not always the exception. When you have lots of money you buy more expensive things. Your house costs more, taxes cost more, cars cost more, food costs more.

While I agree with your sentiment, I make 350k a year and I still run out of money constantly... lol

0

Share this post


Link to post
Share on other sites

The majority of people live paycheck to paycheck, millionaires are not always the exception. When you have lots of money you buy more expensive things. Your house costs more, taxes cost more, cars cost more, food costs more.

While I agree with your sentiment, I make 350k a year and I still run out of money constantly... lol

0

Share this post


Link to post
Share on other sites

We all say that, but until you have that money how do you know that you won't be looking at things and being like "Oh, I have so much money it won't hurt", until it's too late?

0

Share this post


Link to post
Share on other sites

The pension is mainly for the players who make the minimum. Not all NHL players play a 10-20 year career, it also covers those who have to retire due to injury and so on. Their minimum is still a massive amount compared to most people but I'm sure there's more to it I just don't know.

1

Share this post


Link to post
Share on other sites

Pension plans for those who earn vast sums of money , work limited miniscule hours over a short period of months, demand to be treated like royalty ??? Who do these hockey players think they are.......politicians?

0

Share this post


Link to post
Share on other sites

This is part of the problem, most players think that playing in the NHL is an entitlement to be set for life. A rationale person would in fact be OK but most NHL'ers live well beyond their means.

0

Share this post


Link to post
Share on other sites

The players who really need it are the ones who are already retired. Read Net Worth for an idea on how Alan Eagleson truly screwed over the pension fund. Couple that with the fact that a lot of these guys don't even finish high school and are susceptible to very suspect financial advice, and it's a very useful program.

0

Share this post


Link to post
Share on other sites

The pension is mainly for the players who make the minimum. Not all NHL players play a 10-20 year career, it also covers those who have to retire due to injury and so on. Their minimum is still a massive amount compared to most people but I'm sure there's more to it I just don't know.

0

Share this post


Link to post
Share on other sites

I can see it for plugs who make jack all and end up retired early because of injury but players like Crosby making 8 million a year shouldn't get jack.

0

Share this post


Link to post
Share on other sites

I can see it for plugs who make jack all and end up retired early because of injury but players like Crosby making 8 million a year shouldn't get jack.

0

Share this post


Link to post
Share on other sites

I'm not sure most of the people complaining about the players' pension plan actually understand it, or the fact that the players actually pay for it through their share anyway.

Here's a little more detail about the changes to the player pension plan:

Pension plan: Upgrade to defined benefit plan

This is what players are hailing as the big “win” out of all this. As it was explained to me, the major gains here are that the pension plan a) becomes a defined benefit one instead of defined contribution and b.) players are now able to contribute some of their own money.

In the last CBA, the pension plan essentially involved teams putting $49,000 a year per veteran player (at least 160 games played) into it annually, making it a cost within the players’ share (but not the cap) that added up to just under $1-million a team per season.

I had planned on writing on this in more detail prior to the lockout ending, but a lot of the disagreements there were on this front are now pretty well irrelevant. What is worth pointing out is that, historically speaking, NHL players between 1967 to 1992 received a very poor pension setup as a result of having Alan Eagleson in charge of the NHLPA.

According to some former players, they were told to forgo going for things like salary increases and more liberalized free agency in negotiations in exchange for the “best pension plan in pro sports” but it was actually far from that.

We’ve even seen during this lockout that retired former players, like Darren Turcotte, for example, have talked about how little their pensions are ($1,000 a month for some) and how important this issue is to players.

While it seems odd to many fans that there are superstars making big money with a better pension, this is a change that should help the many players making less than $1-million a season and who last only a few seasons in the league.

1

Share this post


Link to post
Share on other sites

Pension plans for those who earn vast sums of money , work limited miniscule hours over a short period of months, demand to be treated like royalty ??? Who do these hockey players think they are.......politicians?

0

Share this post


Link to post
Share on other sites

watch 30 on 30 Broke talks about athletes going from poverty or making very little to millionaires pretty much explains how an athlete in any sport can go broke

0

Share this post


Link to post
Share on other sites

Why are you complaining about something that they collectively bargained for, that you and I enjoy, and that you don't pay for? Why not complain about what someone DOESN'T have, instead of what they have?

0

Share this post


Link to post
Share on other sites

I'm not sure most of the people complaining about the players' pension plan actually understand it, or the fact that the players actually pay for it through their share anyway.

Here's a little more detail about the changes to the player pension plan:

Source: http://www.theglobea...article6976187/

(This article has a nice breakdown of other components of the new CBA for anyone interested.)

0

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.