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NPB: current pension system to be terminated

by on Mar.16, 2011 @ 12:48 am, under NPB

The NPB held a Pension Steering Committee meeting on Tuesday and decided to terminate the current pension system.  They cited a lack of funding (a shortage of about 5.2B yen due to lower than expected interest rates) and upcoming changes in tax laws (an important tax break the system relies on expires in 2012) as reasons for putting an end to the current system.  A new system that's being considered will likely be based around the National Pension Fund.

There is about 6.1B yen invested in the current pension system.  This money, including about 1.2B - 1.3B yen in additional funding from the NPB, will be divided amongst about 1,600 members (includes both active and retired players, coaches, and umpires).