NFLPA Recognized By Employee Benefit News For Top Rated 401K Plan
The Employee Benefit News recently recognized companies with the best 401(k) plans with more than $1 billion in assets from BrightScope, who has released its year-end ranking of the top 401(k) plans. Ranking factors include such as total plan costs, company generosity, salary deferrals and account balances.
Based upon these factors, the NFL/NFL Players Association Second Career Savings Plan was named number one among 29 other companies. The NFL Player Second Career Savings Plan was created in accordance with the 1993 CBA between the NFLPA and the NFL Management Council.
All players except those on the Practice Squad may contribute to the plan. The club match for 2015-2018 is $2 for $1 up to $26,000. The participation rate is 99%.
Players are eligible for club contributions if they have exactly one Credited Season. The minimum club contribution is $1,000 for players with exactly one Credited Season, $7,200 for players with exactly two Credited Seasons and $3,600 for players with three or more Credited Seasons. Players receive a matching contribution if they contribute at least $13,000 and have at least two Credited Seasons.