WEBVTT - CBA Updates - Part II 0:00:03.240 --> 0:00:07.680 Welcome to the NFL Legends Podcast, an NFL podcast for 0:00:07.840 --> 0:00:12.840 the players, by the players. Here is your host, four 0:00:12.880 --> 0:00:23.720 team year NFL veteran and Hall of Famer Anius Williams. Legends. 0:00:23.720 --> 0:00:26.600 This has been so exciting. We're doing a part two 0:00:26.680 --> 0:00:29.080 because we want to make sure we cover some additional 0:00:29.120 --> 0:00:33.360 information and we're first starting out with pensions. The Linda 0:00:33.680 --> 0:00:36.520 talked to us about pensions. Thank you and yes, happy 0:00:36.560 --> 0:00:39.080 to and maybe we just sort of saved the best 0:00:39.120 --> 0:00:41.600 for last year. This is one of the highlights of 0:00:41.640 --> 0:00:45.120 the Collective Bargaining Agreement and it's really an expression of 0:00:45.159 --> 0:00:47.519 the NFL's thank you to the past legends who have 0:00:47.560 --> 0:00:51.960 built this game. Under the eleven the previous collective Bargaining Agreement, 0:00:51.960 --> 0:00:55.160 players received different amounts as a pension credit based on 0:00:55.200 --> 0:00:57.360 the year that they played, and as you may recall, 0:00:57.440 --> 0:01:00.880 the Legacy Fund was introduced to the players to enhance 0:01:00.920 --> 0:01:05.560 their pension. Now in twenty we have pension parody for 0:01:05.640 --> 0:01:10.400 players who have credited seasons prior to twenty twelve who 0:01:10.400 --> 0:01:14.120 wards it eligible. Well, we've expanded the pool of eligible players. 0:01:14.160 --> 0:01:16.120 So the pool of players eligible from this passion has 0:01:16.120 --> 0:01:20.200 been expanded to include three credited season players who played 0:01:20.240 --> 0:01:23.080 at a time when four credited seasons was needed to vest. 0:01:23.640 --> 0:01:26.840 So those are pre players and they will be receiving 0:01:26.840 --> 0:01:29.119 a pension for the rest of their life their first time, 0:01:29.480 --> 0:01:31.480 and that's about seven hundred players who are going to 0:01:31.560 --> 0:01:36.280 be receiving that all pension eligible players with seasons prior 0:01:36.319 --> 0:01:38.600 to the twelve season. As I said, we'll receive a 0:01:38.680 --> 0:01:42.520 total of five hundred and fifty dollars per credited seasons. 0:01:43.200 --> 0:01:46.280 That is inclusive of their pension credits, their special credits, 0:01:46.280 --> 0:01:48.880 and legacy credits, so it's additive, so their whole credit 0:01:48.960 --> 0:01:52.640 is five hundred and fifty dollars. Now, pension calculations can 0:01:52.640 --> 0:01:55.640 be complicated and they've taken many factors, but as a 0:01:55.680 --> 0:01:57.640 general matter, the way it would work is that if 0:01:57.680 --> 0:02:01.960 you had ten credited seasons prior to and you took 0:02:02.000 --> 0:02:05.320 your pension at fifty five, electing a lifetime annuity, you'd 0:02:05.320 --> 0:02:08.720 receive fifty five a month or about sixty six thousand 0:02:08.760 --> 0:02:11.600 dollars a year for the rest of your life. In addition, 0:02:11.600 --> 0:02:15.919 they will be further increases to six hundred dollars if 0:02:15.960 --> 0:02:20.799 revenue increases uh at at four percent or more or 0:02:20.880 --> 0:02:23.919 it could revenue is it's not increased to that level 0:02:24.000 --> 0:02:26.400 but less than four percent. There will still be an 0:02:26.440 --> 0:02:29.079 increase in pension, only will be five seventy five rather 0:02:29.120 --> 0:02:32.359 than the six hundred dollars. And then for all post 0:02:32.480 --> 0:02:35.359 twelve credit seasons, the pension is going to be increased 0:02:35.360 --> 0:02:38.720 by ten percent. So all of these added in is 0:02:38.720 --> 0:02:43.040 about a two billion dollar commitment by the NFL, additive 0:02:43.080 --> 0:02:45.840 to what they were paying before in pension. It affects 0:02:45.880 --> 0:02:50.960 approximately eleven thousand, five hundred players and many receiving over 0:02:51.000 --> 0:02:54.240 a fifty percent increase in what their pensions were. It 0:02:54.360 --> 0:02:56.240 may take several months, and that's why I want to 0:02:56.240 --> 0:02:59.720 caution everybody to actually see these increases because processing eleven 0:02:59.720 --> 0:03:03.400 thousand and five hundred increases can be time consuming. But 0:03:03.639 --> 0:03:07.880 they will nonetheless be effective as of April. So players 0:03:07.880 --> 0:03:10.280 who are currently in a pay status and receiving their 0:03:10.320 --> 0:03:15.040 pensions will see their increases somewhere after. We're assuming July 0:03:15.080 --> 0:03:17.640 at the earliest, maybe a month or two later, but 0:03:17.720 --> 0:03:21.079 they will be made whole by receiving a retroactive check 0:03:21.400 --> 0:03:23.440 on a lump sum amount that would bring them whole 0:03:23.480 --> 0:03:28.800 as of April. For the widows, we also wanted to 0:03:28.800 --> 0:03:31.520 take and take note of their needs as well, and 0:03:31.600 --> 0:03:34.960 so if widows of legends whose husbands had already elected 0:03:35.000 --> 0:03:38.200 to receive their pension and indicated that their spouse should 0:03:38.240 --> 0:03:40.240 receive it after they die, much in the way that 0:03:40.320 --> 0:03:43.640 Jacob was talking about beneficiaries, they will also see an 0:03:43.680 --> 0:03:47.520 increase based on what they're their their their legend husband 0:03:47.560 --> 0:03:51.680 would have would have received, and another significant increases in 0:03:51.720 --> 0:03:55.640 the surviving widows and children benefit. This benefit is for 0:03:55.760 --> 0:03:59.640 legends who die prior to electing a pension, so if 0:03:59.680 --> 0:04:02.680 they die before they start taking their pension um, they 0:04:02.720 --> 0:04:06.440 will also receive this benefit. And in twenty eleven, widows 0:04:06.440 --> 0:04:09.520 and children received either six thousand or nine thousand dollars 0:04:09.520 --> 0:04:11.760 for a forty eight month period of time. If the 0:04:11.760 --> 0:04:14.880 player had had passed away before two, it would have 0:04:14.920 --> 0:04:17.359 been six thousand. Um, I'm sorry, I had kind of seasons. 0:04:17.360 --> 0:04:19.360 Before nineteen eighty two would have been six thousand, or 0:04:19.360 --> 0:04:22.480 and after be nine thousand. And after the forty eight 0:04:22.480 --> 0:04:26.039 months laps, the widow would receive forty dred dollars a 0:04:26.080 --> 0:04:28.839 month for life or until she remarried, or a child 0:04:28.920 --> 0:04:30.800 or children would receive a total of forty four d 0:04:30.920 --> 0:04:34.480 allars a month until they aged out. Now under the CBA, 0:04:35.680 --> 0:04:39.480 that forty eight month period has been extended to sixty months. 0:04:39.480 --> 0:04:41.919 So now when from four years to five years, the 0:04:41.960 --> 0:04:45.280 amount now increases to thirteen thousand dollars a month for 0:04:45.520 --> 0:04:48.799 that sixty month period of time, and the amount after 0:04:48.839 --> 0:04:52.880 the sixty months laps increases to six thousand dollars. And 0:04:52.920 --> 0:04:55.039 if a legend has no spouse or children at death, 0:04:55.120 --> 0:04:57.800 we've extended the beneficiary as much to the way that 0:04:58.200 --> 0:05:00.919 Jacob previously described. So now out it's not just the 0:05:00.920 --> 0:05:04.480 widow and children, but it can include adult children, parents 0:05:04.920 --> 0:05:08.360 as well as siblings and they would receive that benefit 0:05:08.440 --> 0:05:11.160 for sixty months at the higher level. So those are 0:05:11.200 --> 0:05:13.360 all the good news high points of what's happening in 0:05:13.400 --> 0:05:19.400 the world of pension for under b A. That's my clap. 0:05:19.400 --> 0:05:23.760 And if you hear a Belinda, great job, We're we're 0:05:23.800 --> 0:05:27.039 applauding with you. We're very excited. And Jacob, what don't 0:05:27.040 --> 0:05:29.719 you tell us about the full one key? Yeah, So 0:05:29.760 --> 0:05:33.600 we also have some enhancements to to our other retirement benefits. 0:05:34.240 --> 0:05:35.800 Um we'll start with the four oh one K and 0:05:35.839 --> 0:05:39.800 the annuity. While these contributions were made to your accounts 0:05:40.440 --> 0:05:43.520 by your clubs when you were an active player. It's 0:05:43.600 --> 0:05:46.480 very important to check your profile and NFL Player Benefits 0:05:46.520 --> 0:05:49.120 dot Com so you can see what your most recent 0:05:49.160 --> 0:05:52.200 account balances are in the four oh one K in 0:05:52.279 --> 0:05:56.080 the annuity program, the Player Benefits dot Com will also 0:05:56.520 --> 0:05:58.680 show you a unique tool where you could see, well, 0:05:58.680 --> 0:06:00.520 what happens if I pull my or oh one K 0:06:01.080 --> 0:06:05.320 at age forty five versus fifty fifty five versus sixty five. 0:06:05.680 --> 0:06:08.000 Same for the annuity program. You can see how much 0:06:08.000 --> 0:06:09.880 you have in your accounts. You can make sure you 0:06:09.920 --> 0:06:13.480 have your beneficiaries designated, and you could see what happens 0:06:13.480 --> 0:06:16.680 when I pull my annuity at age forty five, fifty 0:06:16.800 --> 0:06:19.719 fifty five, sixty. I get a lot of guys that 0:06:19.760 --> 0:06:21.920 asked me the question, well when can I actually pull 0:06:22.000 --> 0:06:24.479 my four oh one K, And the answer is, you 0:06:24.480 --> 0:06:27.240 can pull your four oh one K before the age 0:06:27.320 --> 0:06:31.599 of fifty nine and a half. However, if you do so, 0:06:31.720 --> 0:06:34.120 the I R S is going to take a ten 0:06:34.200 --> 0:06:37.720 percent cut of your four oh one K right off 0:06:37.720 --> 0:06:40.599 the top. So I highly encourage guys if you can 0:06:40.920 --> 0:06:42.760 wait until you reach the age of fifty nine and 0:06:42.760 --> 0:06:45.200 a half or later to pull that four oh one K, 0:06:45.600 --> 0:06:47.520 so the I R S doesn't take the ten percent 0:06:47.680 --> 0:06:50.719 right off the top. We also get the question is 0:06:50.760 --> 0:06:53.039 when can I pull my annuity money? Is that the 0:06:53.040 --> 0:06:55.159 same as the four oh one K and the answer 0:06:55.200 --> 0:06:58.040 to that is no. The annuity program has different rules. 0:06:58.720 --> 0:07:00.880 If you have been out of the game, meaning you 0:07:00.920 --> 0:07:04.240 have not been under contract for at least five years 0:07:04.920 --> 0:07:07.520 and you are at least the age of thirty five, 0:07:08.200 --> 0:07:13.280 you can withdraw your entire annuity some with no penalty 0:07:13.640 --> 0:07:18.480 applicable to you. Another retirement benefit that guys oftentimes ask 0:07:18.760 --> 0:07:22.160 is when will I receive my severance pay? The severance 0:07:22.200 --> 0:07:25.800 pay is the money that you will receive one year 0:07:26.080 --> 0:07:29.440 after your last date under contract. While the four one 0:07:29.520 --> 0:07:31.920 K and annuity you actually have to log into Player 0:07:31.960 --> 0:07:36.480 Benefits dot Com to request a withdrawal, the severance pay 0:07:36.640 --> 0:07:39.840 is an automatic payout, So one year after your last 0:07:39.920 --> 0:07:43.560 date under contract, you're going to receive a lump sum 0:07:43.720 --> 0:07:46.240 check in the mail and it will be sent to 0:07:46.280 --> 0:07:49.040 the address that you have on file with the NFL 0:07:49.040 --> 0:07:51.640 Player Benefits office. This is the address that you have 0:07:51.720 --> 0:07:55.600 on NFL Player Benefits dot Com with your lump sum payment. 0:07:56.400 --> 0:07:59.120 Thank you, Jacob be Linda, could you tell us a 0:07:59.160 --> 0:08:02.360 little more about some other disability benefits. Sure, and he 0:08:02.480 --> 0:08:05.760 is happy too. So just by way of background, there 0:08:05.760 --> 0:08:09.760 are currently three different disability benefits available to legends and 0:08:09.800 --> 0:08:13.520 these are very general descriptions. But line of duty, which 0:08:13.560 --> 0:08:16.760 is for legends who have partial disabilities that are permanent 0:08:16.800 --> 0:08:20.080 and as a direct result of NFL activity. Then there's 0:08:20.120 --> 0:08:24.240 also the neurocognitive Disability benefit, and that's for legends who 0:08:24.240 --> 0:08:28.560 have mild or moderate neurocognitive impairments either one or more 0:08:28.600 --> 0:08:31.680 areas of the functioning the brain. So if your memories impacted, 0:08:31.800 --> 0:08:34.160 your speed processing is impacted, those are the type of 0:08:34.200 --> 0:08:36.440 things they look to test to see how with the 0:08:36.480 --> 0:08:38.840 capacity and then the health of the brain is and 0:08:38.880 --> 0:08:41.800 that would fall under the neurocognitive disability benefit. You do 0:08:41.880 --> 0:08:44.800 not need NFL causation in order to be eligible for 0:08:44.840 --> 0:08:49.280 the neurocognitive disability And then finally there's total impermanent disability 0:08:49.360 --> 0:08:52.600 and generally it is an income replacement for legends who 0:08:52.640 --> 0:08:56.080 are unable to be employed in any capacity, regardless if 0:08:56.080 --> 0:08:59.280 it was caused by the NFL activity or not. So 0:08:59.400 --> 0:09:01.559 let's start with the line of duty or l o D. 0:09:02.480 --> 0:09:05.640 Under c b A, players didn't need to be vested, 0:09:05.679 --> 0:09:08.280 and that hasn't changed. But there was a point system 0:09:08.400 --> 0:09:13.240 that provides very specific points for very specific impairments. Under 0:09:13.280 --> 0:09:16.920 the twenty eleven agreement, players needed ten points in order 0:09:16.920 --> 0:09:21.440 to qualify. Under the c b A, we have reduced 0:09:21.440 --> 0:09:24.880 the number of points required to qualify from ten to nine, 0:09:25.120 --> 0:09:28.080 so more players will be eligible based on the reduction 0:09:28.080 --> 0:09:32.160 of that one point. In addition, under the agreement, under 0:09:32.200 --> 0:09:35.080 line of duty, players could apply with non orthopedic the 0:09:35.120 --> 0:09:39.320 brain related impairments headaches or psychiatric disorders that had to 0:09:39.360 --> 0:09:44.600 show NFL causation. But we have eliminated that and we're 0:09:44.640 --> 0:09:47.840 just really limiting it to mostly orthopedic injuries under line 0:09:47.840 --> 0:09:51.400 of duty because we're going to then pick up um 0:09:51.800 --> 0:09:55.200 pick that that that grew up in the neurocognitive disability benefit, 0:09:55.240 --> 0:09:59.640 which I will discuss um right now. So the neurocognitive 0:10:00.000 --> 0:10:04.319 plity benefit, as I briefly described, started in Agreement UM 0:10:04.400 --> 0:10:07.520 and in order to qualify at that time. Under the agreement, 0:10:07.559 --> 0:10:09.640 you had to be under the age of fifty five, 0:10:10.600 --> 0:10:14.880 have a season in or later, and you had to 0:10:14.920 --> 0:10:20.120 be vested. So let's fast forward to under the b 0:10:20.240 --> 0:10:23.280 a we have removed all those limitations so that players 0:10:23.320 --> 0:10:25.520 no longer have to be under fifty five, have a 0:10:25.559 --> 0:10:29.800 season in later, or be vested to apply. It has 0:10:29.840 --> 0:10:33.360 opened up the eligibility for neurocognitive parents too, many more players, 0:10:33.679 --> 0:10:36.160 and unlike as I said before with line of duty, 0:10:36.200 --> 0:10:39.079 you do not need to show a NFL activity caused 0:10:39.080 --> 0:10:43.599 your impairment. In addition, it has also increased the disability 0:10:43.600 --> 0:10:49.119 amounts under both the mild and moderate classifications for NEUROCOG disability. 0:10:49.440 --> 0:10:53.040 So beginning with a five increase in two thousand twenty two, 0:10:53.240 --> 0:10:56.640 and you'll see increases of five dollars every two years. 0:10:58.040 --> 0:11:01.599 The final UH disability benefit I'll discuss is total and 0:11:01.679 --> 0:11:04.800 permanent disabilities, and this benefit is for the LEGIOND who's 0:11:04.840 --> 0:11:08.240 unemployable in any capacity. As I have mentioned earlier, there 0:11:08.240 --> 0:11:12.040 are several noteworthy changes under c b a UM and 0:11:12.120 --> 0:11:16.080 its background. Just so, there are four categories or classifications 0:11:16.120 --> 0:11:19.680 within TMP that a player can qualify. So one is 0:11:19.800 --> 0:11:23.160 active football and that's for players who become TMP as 0:11:23.160 --> 0:11:26.560 a result of NFL activity while they were an active player, 0:11:26.600 --> 0:11:30.360 And that's the most generous benefit UH. There's active non 0:11:30.360 --> 0:11:33.559 football for players who become totally im permanently disabled as 0:11:33.559 --> 0:11:37.840 a result of non football activity while they are active players. 0:11:38.440 --> 0:11:41.240 Um enacted A is for players who are determined to 0:11:41.280 --> 0:11:44.480 be totally impermanently disabled within fifteen years of living game, 0:11:44.960 --> 0:11:47.800 and then t mp UH and then inactive B for 0:11:47.840 --> 0:11:50.680 players who are determined to be TMP after fifteen years 0:11:50.679 --> 0:11:54.319 of leaving the game. So the first the first change 0:11:54.320 --> 0:11:58.000 which I will talk about is the evaluation process under 0:11:58.040 --> 0:12:02.400 the eleven agreement based on the impairments of legend listed. 0:12:02.520 --> 0:12:05.160 He would be seen by a variety of specialists. So 0:12:05.200 --> 0:12:09.480 if he complained about back pain or or lack of 0:12:09.559 --> 0:12:12.280 range of motion, an orthopedist would see him. If he 0:12:12.320 --> 0:12:15.840 complained about headaches, a neurologist would see him. If he 0:12:15.880 --> 0:12:19.000 complained about memory issues or any other cognitive issues, he'd 0:12:19.000 --> 0:12:22.079 be seen by a neuropsychology psychiatrist, and then if he 0:12:22.120 --> 0:12:25.079 complained about mental health issues, he'd be seen by a psychiatrist. 0:12:25.559 --> 0:12:29.360 So under the old system, each physician would make a 0:12:29.400 --> 0:12:33.160 determination of whether their specialty, and only within their specialty 0:12:33.360 --> 0:12:35.840 was the player unable to work. So an orthopedic could 0:12:35.880 --> 0:12:39.520 only look at the physical orthopedic pieces the neurologists only 0:12:39.559 --> 0:12:43.200 for those areas, psychiatrists only mental health, and based on 0:12:43.679 --> 0:12:46.640 their limited area, they would make a determination within that 0:12:46.720 --> 0:12:48.760 area of whether or not a player was totally im 0:12:48.760 --> 0:12:52.719 permanently disabled. Under the new cb A, we're trying to 0:12:52.760 --> 0:12:56.240 implement a new evaluation process and we're calling it the 0:12:56.320 --> 0:13:00.440 whole person evaluation process. It's no longer will end vidual 0:13:00.559 --> 0:13:03.800 specialists make a determination in their area, but we will 0:13:03.800 --> 0:13:07.480 be taking into account the aggregate of the whole person's functioning. 0:13:08.160 --> 0:13:11.120 How will this system be implemented well. The new system 0:13:11.160 --> 0:13:12.840 is going to be designed over the course of the 0:13:12.880 --> 0:13:15.920 next couple of years and implemented for testing purposes only 0:13:16.200 --> 0:13:21.760 by April one, twenty three. Starting April three and through 0:13:21.960 --> 0:13:25.880 April one, four, legends will be evaluated both under the 0:13:25.880 --> 0:13:29.319 old system and the whole person system to test if 0:13:29.360 --> 0:13:32.600 the new system is accurately identifying the players who should 0:13:32.640 --> 0:13:37.440 be eligible, and then on April the whole person system 0:13:37.480 --> 0:13:39.880 will replace the old system and will be the zole 0:13:39.960 --> 0:13:45.080 basis for determining total and permanent eligibility. Also, beginning on 0:13:45.120 --> 0:13:49.160 April four, will be the elimination of Social Security disability 0:13:49.160 --> 0:13:53.240 as an automatic basis for eligibility in the past under 0:13:53.240 --> 0:13:57.160 the agreements and prior um A player who received a 0:13:57.200 --> 0:14:00.760 Social Security disability award which the admit that and on 0:14:00.800 --> 0:14:05.160 that basis they can be eligible for Total Impermanent Disability UM. 0:14:05.200 --> 0:14:07.680 That is going to be eliminated as of April one, 0:14:08.559 --> 0:14:12.559 four and with the whole New Person system being implemented UH, 0:14:12.880 --> 0:14:15.000 the hope is that the NFL neutrals will be making 0:14:15.000 --> 0:14:19.360 determinations sort of on a similar basis. Another change under 0:14:20.120 --> 0:14:23.680 c b A is the Social Security offset. So beginning 0:14:23.840 --> 0:14:28.640 January one, players who are receiving the inactive A. By 0:14:28.720 --> 0:14:31.320 giving you the four classifications, this would only impact those 0:14:31.360 --> 0:14:34.760 who are receiving inactive A, who are inactivate and who 0:14:34.840 --> 0:14:38.320 also are receiving Social Security disability, They'll have the amount 0:14:38.400 --> 0:14:41.920 of their Social Security check offset from their monthly total 0:14:41.960 --> 0:14:45.240 impermanent payment. This would be exclusive of amount of money 0:14:45.240 --> 0:14:50.000 they pay forth for their government issued insurance Medicare. Typically 0:14:50.000 --> 0:14:51.920 there's an amount of a couple of hundred dollars that 0:14:51.960 --> 0:14:54.840 will come out of a Social Security check that will 0:14:54.880 --> 0:14:58.120 be paying for the premiums for for Medicare that will 0:14:58.120 --> 0:15:01.800 not be offset UM. This offset is going to apply 0:15:01.960 --> 0:15:04.880 though whether they become eligible for total impermanent Social Security, 0:15:04.920 --> 0:15:08.720 or obtain Social Security after they became totally im permanently eligible, 0:15:09.760 --> 0:15:12.400 and that pretty much covers the changes that are going 0:15:12.440 --> 0:15:15.920 to take place in the world of disability. UM. We 0:15:16.040 --> 0:15:19.120 also have, although not considered a disability plan, you do know, 0:15:19.160 --> 0:15:22.160 there's something called the A D eight plan, and the 0:15:22.280 --> 0:15:25.880 NFL's A D eight plan is a health reimbursement plan 0:15:26.000 --> 0:15:30.880 for legends that have dementia, Parkinson's or a LS. Legends 0:15:30.880 --> 0:15:34.320 are reimbursed for their qualifying medical expenses that are related 0:15:34.360 --> 0:15:36.720 to that impairment, and they can range from at home 0:15:36.800 --> 0:15:41.400 nursing care provided by a nonrelative medical equipment, and can 0:15:41.480 --> 0:15:43.520 pay as well for institutional care if they're in an 0:15:43.520 --> 0:15:47.480 assisted living facility. Under the b A there have been 0:15:47.520 --> 0:15:52.240 significant increases in the annual maximums. So in twenty eleven, 0:15:52.320 --> 0:15:56.200 the annual maximum reimbursement for in home care was a 0:15:56.320 --> 0:16:00.000 hundred and eighteen thousand dollars. An institutional care under the 0:16:00.040 --> 0:16:04.080 old agreement was a hundred and thirty thousand dollars. Effective April, 0:16:05.240 --> 0:16:08.600 the annual maxims will increase and so in home care 0:16:08.640 --> 0:16:12.280 will now be a hundred and forty thousan dollars annually, 0:16:12.560 --> 0:16:15.200 and the institutional care has increased from that one thirty 0:16:15.280 --> 0:16:20.400 under agreement to one six under c b A. There 0:16:20.440 --> 0:16:24.120 will also be increases on April, where in home care 0:16:24.120 --> 0:16:27.160 will be increased again two hundred sixty five thousand and 0:16:27.280 --> 0:16:30.760 institutional care will be a hundred thousand. So we really 0:16:30.800 --> 0:16:34.280 try to address again helping those players who may be 0:16:34.360 --> 0:16:38.200 suffering from dementia, a l S or Parkinson's and providing 0:16:38.240 --> 0:16:40.200 them with some safety nets so they can get their 0:16:40.200 --> 0:16:45.440 expenses reimbursed. Blended us outstanding. Thank you and Trace. I 0:16:45.480 --> 0:16:47.320 want to go back to you. Would you share a 0:16:47.320 --> 0:16:51.120 little more about the beneficiaries. Well, I actually would like 0:16:51.200 --> 0:16:54.080 to throw this to Jacob. So, Jacob, you said something 0:16:54.120 --> 0:16:58.880 while you were talking before about beneficiaries, and what I've 0:16:58.920 --> 0:17:03.480 experienced a is that legends don't actually go in and 0:17:03.600 --> 0:17:08.720 change their beneficiaries um when things change. So I would 0:17:08.760 --> 0:17:11.760 love it if you can explain why they need to 0:17:11.800 --> 0:17:16.000 do that and what could potentially happen, because we've actually 0:17:16.200 --> 0:17:19.919 seen some of this happen practically, and we want to 0:17:19.920 --> 0:17:23.119 make sure that the legend is covered and also that 0:17:23.160 --> 0:17:25.119 he's taking care of his family the way that he 0:17:25.200 --> 0:17:28.639 wants to in the future. Yeah. Absolutely, It's an incredibly 0:17:28.680 --> 0:17:33.440 important point um and one that's every legend should should 0:17:33.480 --> 0:17:35.800 make sure they take care of. I'll start first with 0:17:35.880 --> 0:17:38.639 explaining what a beneficiary is, because oftentimes a lot of 0:17:38.640 --> 0:17:40.600 guys here the word, but they don't really know what 0:17:40.680 --> 0:17:43.320 a beneficiary is or the function that it serves. A 0:17:43.320 --> 0:17:49.240 beneficiary is a person or persons or your a state 0:17:49.359 --> 0:17:53.160 or trust that will collect the money in your benefit 0:17:53.160 --> 0:17:57.520 accounts in the event that you pass away. So if 0:17:57.560 --> 0:17:59.760 you pass away, you'll want to make sure that you 0:17:59.840 --> 0:18:03.280 have somebody listed that is going to collect that money. 0:18:03.359 --> 0:18:05.960 So it's imperative that you take the time to think 0:18:06.000 --> 0:18:09.960 about who that person or persons will be. You can 0:18:10.040 --> 0:18:14.760 update your beneficiaries on NFL player benefits dot com. It's 0:18:14.800 --> 0:18:17.280 a very simple process in which you log into your 0:18:17.320 --> 0:18:21.199 personal profile, you click on the respective benefit plan. So 0:18:21.280 --> 0:18:23.399 let's say it's four oh one K. You'll click on 0:18:23.440 --> 0:18:25.920 the four oh one K tab and then you'll click 0:18:25.960 --> 0:18:29.879 on the next sub tab that says beneficiaries. From there, 0:18:30.000 --> 0:18:33.640 you can add a beneficiary online. You'll just need their name, 0:18:33.960 --> 0:18:38.440 their date of birth, as well as contact information. However, 0:18:39.200 --> 0:18:42.800 if you do not list a beneficiary, which is Tracy mentioned. 0:18:42.800 --> 0:18:47.040 We oftentimes see you will be subject to the default rule. 0:18:47.680 --> 0:18:52.800 And the default rule means your beneficiary will be your spouse. 0:18:53.800 --> 0:18:56.520 If you do not have a spouse, it will be 0:18:56.560 --> 0:19:00.359 your children. If you don't have any children, will be 0:19:00.760 --> 0:19:04.760 your parents. If you don't have any parents, it will 0:19:04.800 --> 0:19:08.240 be your siblings. So again, if you do not list 0:19:08.240 --> 0:19:10.960 a beneficiary, you're going to be subject to the default rule, 0:19:11.359 --> 0:19:13.840 and some of that money may go to an individual 0:19:13.920 --> 0:19:17.040 that you may not necessarily want to see that money. 0:19:17.080 --> 0:19:19.800 So it's imperative that you do list the beneficiary or 0:19:19.840 --> 0:19:22.320 beneficiaries to be the person that you would like to 0:19:22.320 --> 0:19:24.639 see receive that money in the event that you do 0:19:24.760 --> 0:19:28.880 pass away. Thank you, Jacob, and again frequently ask questions. 0:19:29.320 --> 0:19:32.000 The players, the legends can go to our NFL Players 0:19:32.040 --> 0:19:35.480 Benefits site. Is that correct? Yeah? NFL Player Benefits dot 0:19:35.520 --> 0:19:38.320 Com is your one stop shop for everything player benefits. 0:19:38.359 --> 0:19:40.560 I know there are some guys listening that may not 0:19:40.720 --> 0:19:44.520 necessarily want to visit the website online, so we also 0:19:44.560 --> 0:19:46.560 have a phone number that i'd encourage you to call. 0:19:47.080 --> 0:19:49.720 The phone number to the NFL Player Benefits office that 0:19:49.800 --> 0:19:56.600 administers the website is eight zero zero six. Three eight 0:19:57.640 --> 0:20:02.359 three one eight six. So again, if you don't necessarily 0:20:02.400 --> 0:20:04.359 use a computer and you rather talk to a person 0:20:04.400 --> 0:20:07.920 over the phone, you can call eight zero zero six 0:20:08.080 --> 0:20:12.280 three eight three one eight six. We also, as a 0:20:12.320 --> 0:20:15.399 needs mentioned have to frequently asked questions. That is listed 0:20:15.440 --> 0:20:17.919 on NFL player benefits dot com and is listed on 0:20:18.000 --> 0:20:21.240 the NFL player Portal. The NFL Player Portal has a 0:20:21.560 --> 0:20:23.679 has a link that will send you directly to NFL 0:20:23.720 --> 0:20:26.960 player Benefits dot com. So regardless of which website you 0:20:27.000 --> 0:20:30.120 go to, you will definitely receive your collectively bargained player 0:20:30.160 --> 0:20:33.439 benefits information. You guys, this has been fantastic. If I 0:20:33.440 --> 0:20:39.320 can graciously speak on behalf of every legend. First of all, Tracy, Jacob, Belinda, 0:20:39.760 --> 0:20:41.960 thank you for the work that you guys do and 0:20:42.040 --> 0:20:45.880 serve in the legends and even the current players as well. 0:20:46.800 --> 0:20:51.040 Shout out to the owners, the league office, the players 0:20:51.080 --> 0:20:55.320 Association and the players to get this deal done to 0:20:55.440 --> 0:20:59.520 benefit particularly our pre ninety three guys. This has been 0:20:59.600 --> 0:21:04.520 out standing. This information is life changing. It brings a 0:21:04.600 --> 0:21:09.160 comfort level to know um the guys are being thought 0:21:09.200 --> 0:21:12.520 about in their needs and their desires. Maybe this is 0:21:12.520 --> 0:21:16.800 not the perfect solution, but certainly has increased in a 0:21:16.920 --> 0:21:20.080 number of guys that I've spoken with a thoroughly a 0:21:20.160 --> 0:21:23.000 number of Legends that I've spoken with a thoroughly. World. Please, 0:21:23.640 --> 0:21:26.280 here's the final question I'll ask each of you, guys, 0:21:26.280 --> 0:21:28.640 and you can say that's as simply as you as 0:21:28.680 --> 0:21:31.520 it comes to you. My dad makes a statement, he says, 0:21:31.640 --> 0:21:34.879 son is not what people don't know that hurt them, 0:21:35.119 --> 0:21:38.520 is what they do know that's not true. Is there 0:21:38.560 --> 0:21:44.680 any statement, Belinda, Jacob or Tracy that maybe Legends no, 0:21:45.160 --> 0:21:48.320 but may not be true that comes to mind right now? 0:21:48.760 --> 0:21:52.000 I would say, just when we started the Legends community 0:21:52.000 --> 0:21:54.480 and in the ass you know this, I got a 0:21:54.520 --> 0:21:59.679 lot of nobody cares about the Legends, you know, the 0:21:59.720 --> 0:22:03.760 guy who played the game before or an afterthought. And 0:22:03.800 --> 0:22:07.040 I think anybody who has worked with us, including you 0:22:07.119 --> 0:22:11.880 and thes knows that the Legends community and everyone working 0:22:12.080 --> 0:22:16.760 in um my department, working for the Legends Community, working 0:22:17.000 --> 0:22:20.359 with the Player Care Foundation, working in Management Council, we 0:22:20.440 --> 0:22:24.199 are here to serve the player. Our role is to 0:22:24.280 --> 0:22:27.879 build a community of care around the player and to 0:22:28.040 --> 0:22:31.280 make sure that they have a voice and that there's 0:22:31.320 --> 0:22:34.520 somebody listening. On the other ends. Of the phone. So 0:22:34.760 --> 0:22:37.639 I would say to me, that is something that that 0:22:37.720 --> 0:22:41.080 guys think they know, but what's really true is we 0:22:41.160 --> 0:22:46.280 are built to be here specifically for players. Thank you, Tracy. 0:22:46.400 --> 0:22:49.879 Any commons BLND Jacob No, I think I I echo 0:22:49.960 --> 0:22:53.000 everything that Tracy has said. UM. I think that there 0:22:53.080 --> 0:22:57.480 was a lot of misinformation or confusion UM that started 0:22:57.680 --> 0:23:00.199 and because of that, we saw that need and and 0:23:00.280 --> 0:23:03.760 platforms like Traces, Legends and her communication efforts have been 0:23:03.800 --> 0:23:07.280 outstanding in in educating everybody as to what's available and 0:23:07.400 --> 0:23:10.560 pointing them in the right direction. You know. Simultaneously or 0:23:10.600 --> 0:23:14.320 concurrently with that, the NFL Benefits department, and that would 0:23:14.320 --> 0:23:17.640 be Jacob and I and our colleague Glissa Greco Um 0:23:17.880 --> 0:23:21.159 are working very hard to be transparent and communicate in 0:23:21.160 --> 0:23:24.320 a way that probably wasn't done as well before. Our 0:23:24.359 --> 0:23:27.040 goal is to make sure that players understand all of 0:23:27.119 --> 0:23:29.560 it's available to them, that they are able to access 0:23:29.560 --> 0:23:33.760 it as easily as possible. UM, and we have an ongoing, 0:23:33.800 --> 0:23:37.959