Since 1989, the start of our Association, Our Mission Completed in 2005, at the Collective Bargain Meetings. Both the NBA and the National Basketball Players Association, agreed to bring in and included the Pre-1965, 3 & 4 Year Pioneer Veterans into the Pension Program.
The original roster of 3 & 4 year veterans was 85. When the agreements were reached, 40 remained. The financial payment were scheduled as follows: The 3 year veterans received $900.00 per month for the remaining years of their lives. When a player passed away and had a remaining spouse, the spouse received 50% of the players pension amount.
The 4 year veterans received $1,200 per month. When that player passed away, the surviving spouse received 50% of his pension amount. The first payments were distributed in August of 2007. Since the bargaining agreements were in 2005, a retroactive back payment representing 24 months since the agreements were signed, the 3 year men received a lump sum check in the amount of $21,400.
The 4 year men received a lump sum check in the amount of $28,800. In addition, if the 3 year or 4 year player passed away after 1988, and the surviving spouse was still alive after July 2005, then the spouse received 50% of the would have been players pension had he not passed away.
OF NOTE: It must be stated that the time our Association...with Bill Tosheff, as President, researched and was able to obtain pensions for 10 pioneer veterans who never realized they were qualified. This was a WWII or Korean War inclusionary codicil.
Those granted pensions stemming from the 1988 inclusion were: George Nelmark, Gifford Roux, Jack Maddox, Jim Seminoff John "Bud" Palmer, Ernest Andres,John Chaney, Wally Osterkorn, Mel Thurston, Dillard Crocker.The total amount received as Retro-active Payments leading back to 1988, was $827,000. The amount received after the 2005 Collective Bargaining Meetings was for both 3 & 4 year veterans was $518,400 for the 3 year vets, & $460,800 for the 4 year vets.
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