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Professional Basketball Employee Benefits

Professional Basketball Employee Benefits

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Professional Basketball Employee Benefits

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  1. Professional Basketball Employee Benefits Lauren Grodsky Brad Stein

  2. Agenda • Employee Benefits Background • NBA Benefits • WNBA Benefits • Compare and Contrast

  3. 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 Employee Benefits in Sports

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

  5. 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

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

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

  8. 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

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

  10. 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

  11. Compare NBA to WNBA (continued) • 401(k) • Not fair match for the women

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

  13. Questions…..