When Julius Logo He died on November 15, aged 45, the minimum age to start a pension administered by the League of Baseball Players. Big leagues.
Barahonero only needed 20 days of services to reach 10, so he qualifies for the maximum payment, so his monthly payments were about $5,300 each month if he took it at 45, according to the calculation formula that pays based on the time a player appears. In the 26-player roster up to age 10 (172 days on payroll is required to complete a year).
Odalys Perez was 43 years old when she died on March 10 and during her time on the Big Show amassed eight years and 27 days of services. He’ll start raising $4,400 from June 2023 if he wants to, an amount that will rise the longer he waits until he’s 62.
What happens to that money, can someone collect it?
If the deceased player is married, his wife becomes the direct heir or the person to whom this benefit has been delegated, explains the Players Association Information Guide (MLBPA In English). But in the case of Lugo and Perez, it works differently.
“If the present value of the pension is $1,000 or less, your spouse may need to receive the benefit in the form of a lump sum payment. If the present value is greater than $1,000 but less than or equal to $5,000, he may choose Your husband/wife receive the benefits as a lump sum. MLBPA For its members, information that answers concern about Perez.
“If the present value of your benefits is greater than $5,000 and you die before age 55, your spouse may choose to receive special death benefits on or after the first day of the following month or on his or her 55th birthday, and the benefit will continue until your spouse dies,” he says. The guide is in the information that applies to that of Lugo.
If the value is greater than $5,000 and the player dies after the age of 55, the spouse can choose to receive a special death benefit on the first day of the following month and until his death.
A 2018 report issued by the Society of Actuaries, an entity that applies statistical models to assess risk for its pension plan. MLBthat there are 3,546 members receiving pension from Big leagues From a world of 9,022 members. The annual average was $53,000. That year, $187 million was paid out and the fund received $146 million (of the difference) to close with $3.2 billion in capital.
In the case of employment
The beneficiary’s special death benefit is based on the payment of 50% of the joint and survivor annuity. However, if you die while working in baseball after age 55 and with at least ten years of playing service, the special death benefit is based on a joint and 100% annual salary and your beneficiary has the option to begin the benefit at any time between your death date and your natural retirement date.