Saturday, August 13, 2022

Former ABA Players to Receive ‘Recognition Payments’ From NBA

ABA - American Basketball Association
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*The National Basketball Association (NBA) and the National Basketball Players Association (NBPA) recently announced that the former American Basketball Association (ABA) players are eligible to receive “recognition payments.”

Previously, players who did not meet a given period, playing for the team were not eligible of getting the payments – pension plan. The new, joint program will cover payments for pioneer ABA players who are approximately 115 in number.

Most of these players played for at least three seasons, a period that doesn’t qualify them for the NBA players’ pension plan. But with the new program, they are now eligible to get the payments.  According to Tamika Tremaglio, NBPA Executive Director, written statement, the players deserve a special sense of appreciation for paving way for the current ones and the success the organization enjoys today. He further explains how they have always considered the players as part of the existing brotherhood and how proud they are to finally make them part of the new benefits.

The program has set aside about $25 million towards the payments for the pioneer ABA players which translates to approximately an annual payment of $3828 per year of service. That way, every player with five years of ABA service will receive $19140 annually from the program.

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The team governors and existing players felt the need to do something on behalf of their former colleagues, most of them who are currently aging and going through financial difficulties. The NBA Commissioner, Adam Silver, further explained that the pioneers played a significant role in the growth of the professional basketball industry and they deserve financial recognition for their impact on the group.

The ABA was created in 1967 before it merged with the NBA in 1976. Some of the teams that further made it to the NBA include The Indiana Pacers, the New York Nets, the Denver Nuggets, and the San Antonio Spurs.

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