National Basketball Association players, who were paid an average of about $5 million last season, will be forced for the first time to save money for retirement.
Players in the league this past season will receive $34 million, or 1 percent of what the league and union call basketball-related income, to be invested in an annuity, union attorney Ron Klempner said.
Details of the plan, such as which annuity will be chosen or how the money will be distributed, need to be worked out, Klempner said.
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