It’s Super Bowl time which, for some of us, means that the new 5500 for the Bert Bell/Pete Rozelle NFL Player Retirement Plan is out and we get a better idea of how much Tom Brady really has in common with a Cleveland Iron Worker.
- Active Participants: 2,220
- Retirees: 4,177
- Separated: 6,171
- Total Participants: 12,568
- Assets as of 3/31/16: $1,895,470,476
- Contributions for year: $266,026,481
- Payouts for year: $146,014,607
- Assets as of 4/1/15 (AV): $1,828,000,915
- Liabilities at 7.25%: $2,519,745,792
- Official funded percentage: $72.5%
- Assets as of 4/1/15 (MV): $1,807,975,368
- Liabilities as of 4/1/15 (RPA 3.40% rates): $5,114,692,602
- RPA funded percentage: 35.35%
Now putting six years of available asset history into a spreadsheet:
At 35.35% the plan is indeed woefully funded and would be in a distress situation had not the NFL been able to double their contributions starting in 2014. This distinguishes the NFL situation from that of the vast majority of other multiemployer plans and ALL public pension plans who cannot afford to double their contributions so they must seek other solutions.
In the case of those other multiemployer plans it’s getting a law passed that allows benefit cuts.
For public pension plans – still waiting.