Professional Basketball Employee Benefits Lauren Grodsky Brad Stein.

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Presentation transcript:

Professional Basketball Employee Benefits Lauren Grodsky Brad Stein

Agenda Employee Benefits Background NBA Benefits WNBA Benefits Compare and Contrast

Employee Benefits in Sports Benefits play an important role in contract negotiations Labor Unions attempt to negotiate league wide benefits which are documented in collective bargaining agreements (CBA) The NBA received pension coverage in 1965 The WNBA’s first CBA was ratified in 1999

NBA Benefits Pension ▫NBA Player’s Pension Plan ▫Vesting Requirements ▫Payout determination ▫Pre-Retirement Survivor Annuity

NBA Benefits (continued) Medical and dental insurance ▫$300 deductible/family member, max of $900/family ▫$3000 maximum co-insurance benefit Life insurance Worker’s compensation ▫Paid in accordance with state statutes Disability insurance

NBA Benefits (continued) 401(k) ▫IRC limitations ▫Team requirements ▫NBA Benefit Pool Additional Programs ▫HIV/AIDS Education Program ▫Players Association High School Basketball Camp

WNBA Benefits First Collective Bargaining Agreement in women’s professional sports Health Insurance ▫Medical ▫Dental

WNBA Benefits (continued) 401(k) ▫25% employer match ▫Additional contribution for years of service Life Insurance - $100,000 Disability due to Pregnancy complications Off-Season Benefits - $75,0o0 ▫Education, career, financial management

Compare NBA to WNBA Justification for differences ▫Revenue generated ▫Length of a season Medical and Dental seem similar

Compare NBA to WNBA (continued) WNBA lacks a Defined Benefit plan, survivor annuities, post-career medical benefits WNBA deserves Defined Benefit plan ▫Consider revenue generated NBAWNBA Annual Revenue$3.5 billion$85 million Value of DB Plan$120 million$2.89 million % Value/Revenue3.4%

Compare NBA to WNBA (continued) 401(k) Not fair match for the women NBAWNBA Employer ContributionIRC limitations applied25% match + 2-4% based on years of service

Conclusion Differences should continue to exist ▫Funding limitations ▫Popularity and revenue generation Women still deserve better benefits as professional athletes

Questions…..

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