Benefits for Player
What is a pension plan for Major League?
Major League has a strong system of 15 hundred millions working capital.
The pension plan for a Major League player is based on how long the player has stayed in Major League. If you stayed in Major League for 43 days, you are qualified to be a recipient of a pension plan (43 days is ¼ of a full season).
The maximum benefits in the pension plan system can be reached at a player’s 10 years of service in Major League Baseball.
In other words, if you played in the Major Leagues for 10 years or 15 years, the pension amount will be the same. For less than 10 years of service, the pension will be calculated based upon the service time in Major League.
If you stayed 10 years in Major League season but served 6.5 years, you will be paid 65% of maximum pension.
The amount of pension is decided on when a player starts to receive it.
For a baseball player, he can start receiving a pension at the age of 45 and must be a recipient before 62. It is assumed that he will receive the maximum benefits if he starts to receive around 54.
A Major League player with 10 years of service time who started his career after 1992, receives a generous pension benefit. If he begins to receive pension at 45, he will get 65 thousand dollars (73,417,500 Won) per year. If he waits till 62, the amount will be increased to 200,000 dollars a year (225,900,000 Won). These numbers have been few years now, so in 2015 the numbers might be a little higher.
The pension will be paid to a player for his life. If the player passed but the player’s spouse is still alive, the same amount will be given to her for life.