The All Japan Baseball Foundation (AJBF) met on Wednesday to discuss the current state of the player's pension plan. From what I can gather, the NPB wants to do away with the system altogether for the AJBF and has even submitted a proposal to them. The AJBF, on the other hand, would like to see the system renewed since many of their members rely on it for a living.
The current pension system is set to expire at the end of March, 2012. Under the NPB plan, they would then provide AJBF members with a one-off payment.
The NPB is also trying to do away with the pension system for the Japan Profession Baseball Players Association (JPBPA) as well. Similar to the AJBF, the JPBA also appears to want to set up a new system after the old one expires.
Players, managers, coaches, and umps all pay into the player's pension.