CFLPA PENSION PLAN BASICS

Created: 1967 Contributions: Players make annual contributions that, under terms of the current collective agreement between the CFL and the players’ association, are $3,700 per year. Teams match contributions for players who are on rosters for nine games (half the season) or more. Investment options: five assetallocation accounts ranging from “conservative” of 20 per cent equities and 80 per cent fixed income to “aggressive” investments of virtually 100 per cent equities; or “retirement target date” investment funds based on a player’s age and the number of years remaining until he reaches 60. Payouts: Funds transferred into Registered Retirement Income Funds (RRIFs) or other acceptable registered investments for Canadians or paid out in lump sums, minus taxes, to residents of the U.S. or other countries. Former players can obtain reduced early payouts at age 50 or full payouts at age 60. “Missing” plan members: Those for whom two consecutive semi-annual updates are returned as undeliverable to the mailing addresses on file. As of Dec. 31, that list contained 1,170 names, mostly those who returned to the United States after their CFL careers ended. Total money owed: $12 million as of Dec. 31. Examples of individual amounts: Some “missing” members who had short CFL playing careers not that long ago are owed less than $1,000. Bill Massey, who played only in 1971, is owed about $6,000 minus tax withholdings. A Canadian who contributed roughly $3,000 during eight seasons between the late 1960s and mid-1970s received $110,000 minus taxes when he reached age 60 roughly three decades later. CFLPA Pension contacts: Former CFL players who think they may eventually be eligible to receive pension benefits from the CFLPA plan, or others who know where such ex-CFLers can be found, can contact Manulife administrators by telephone (1-888747-4283) or email (cflpa@manulife.com). They can also contact Fred James, chairman of the board of directors of the CFLPA Pension Plan, at 1-800355-8934.