The National Basketball Association Players’ Pension Plan is accused of violating federal law by allegedly shortchanging the pension benefits of retired players who elected to receive lump-sum payments instead of monthly payments for life.
Over the past 29 years, the plan has granted significant cost-of-living increases to retirees who elected the plan’s life annuity option but has failed to provide a benefit of equivalent value to those retirees who elected to receive a time-limited payment, according to a lawsuit filed Nov. 15 in federal court in New York (Abdul-Aziz v. Nat’l Basketball Assoc. Players’ Pension Plan, S.D.N.Y., No. 1:17-cv-08901, complaint filed 11/15/17
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