Benefits July 26, 2011
Buffalo Bills to Restore 401(k) Contributions
July 26, 2011 (PLANSPONSOR.com) – The end of the NFL lockout doesn’t just mean play can resume, it also means pay and benefits can resume.
Reported by Rebecca Moore
Not just Buffalo Bills’ players and coaches, but all the team’s employees, will benefit from the final bargaining agreement as the Bills said they will give a full reimbursement to all employees of pay that was reduced during the lockout, according to the Buffalo News. In addition, payments to employees’ 401(k) plans, which had been suspended during the lockout (see Buffalo Bills Halt 401(k) Plan Contributions), will be restored, retroactive to the start of the lockout.
According to the news report, the major economic term of the deal is owners get 53% of all revenue and players get 47%. In addition, the owners kept a supplemental revenue sharing plan in the deal that will allow for a distribution of some money from high-revenue clubs to lower-revenue clubs.