||06-07-2013 06:37 PM
NHLPA hires Graystone Consulting to manage pension plan
The National Hockey League's Player Association (NHLPA) has hired Graystone Consulting to manage the organization's newly formed pension fund, the firm confirmed to aiCIO. Graystone, a Morgan Stanley subsidiary, will manage the fund from its remote Buffalo, New York office.
The new defined benefit (DB) plan was a contentious point between the NHLPA and the NHL during the most recent lockout. Even with DB plans dwindling in other private sector industries, the NHL has gone the way of the other three major sports brands (NBA, NFL, and MLB), in moving back to DB pension plans. The NHL had a DB plan until 1986 when it switched to the new defined contribution plan.
Under the new labor agreement, the league will contribute $38 million over 10 years to the players' retirement fund. Further details of the deal have not yet been released, but it is known that many players will not qualify. A player must participate in 160 games to receive full retirement benefits when more than half of NHL players play in less than 86 games throughout their entire career.
Love the tag line that the NHL and NHLPA declined to comment for story.
What a staggering figure however:
more than half of NHL players play in less than 86 games throughout their entire career.
That's 4 more games than one regular season. Interesting to think about this in the context of CBA term length and who is being represented.
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