Donation to USOC to fund "retirement" benefit for USA Team members (beginning next Olympics)

[barbk]

Many U.S. Olympians struggle to get by. Now they'll get a $100,000 retirement boost

A new $100,000 retirement benefit per each Olympic Games will help Team USA athletes go for gold without going broke.

www.latimes.com

"On Wednesday, the United States Olympic and Paralympic Committee announced a new financial assistance program for all Team USA athletes — a $100,000 retirement benefit per each Olympic Games that they participate in.

This program seeks to address the financial challenges athletes face, which “have led many to choose between leaving their sports to find full-time work or continuing to train and compete while struggling with poverty or financial insecurity,” according to a 2024 report by the Commission on the State of U.S. Olympics and Paralympics.

While a select few famous athletes make millions from sponsorship deals, many Team USA members struggle to make ends meet.

Under the new program, athletes will be eligible to begin receiving their $100,000 retirement payments 20 years after the Games they competed in or when they turn 45, whichever comes later. The benefits add up over multiple Olympic Games, meaning that athletes who participated in three Games, for example, would receive $300,000 from the program. The benefits will be paid out over a four-year period."

Based on the rest of the article, it would not apply to participants who only competed in past games.

 

[ice coverage]

Just want to underline that this USOPC benefit is for U.S. Paralympians (rightfully so) as well as U.S. Olympians, starting with 2026 athletes.

And repeating from the other thread, an additional detail reported by Associated Press:

"— Will be restricted to athletes who make less than $1 million a year, so as not to divert funds to, say, well-paid NBA players or top tennis stars who also compete for America."​

A record $100 million donation will give next gen of US Olympians $100K to spend after they retire

The U.S. Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA beginning next year.

apnews.com

 

[kwanfan1818]

I was hoping they'd make an exception like that for professional athletes, where the payments would be the pool maintenance budget to them, but a great cushion for others, especially as the physical toll of an earlier life in sports becomes more acute. Under this plan, Evan Bates, who just turned 36 a few weeks ago, wouldn't qualify for the first payment until he was 56. (He wouldn't turn 57 until after the Milan Olympics, by one or two weeks, depending on whether they calculate from the last day competed or the last day of the Olympics.)

 

[Debbie S]

Evan's birthday is Feb 23, so the day after the Milan Olys ends.

 

[overedge]

I wonder why the athletes have to wait 20 years for the first payout, when more than a few retire directly after their last Olympics. The transition to "regular" life is really difficult for a lot of them, and they could probably use the money sooner rather than later.

 

[PRlady]

They may want to avoid the appearance of a Soviet-style system where the Oly athletes get pensioned off for life. Making it a retirement plan makes up for years they missed getting Social Security or 401K matches.

 

[KCC]

Is the million dollar per year for any single year or an average over 20 years? Just wondering.

 

[Aceon6]

Is the million dollar per year for any single year or an average over 20 years? Just wondering.

As I understand it, the payouts are annuity based, so $1m is paid out in 20 installments.

 

[KCC]

And repeating from the other thread, an additional detail reported by Associated Press:

"— Will be restricted to athletes who make less than $1 million a year, so as not to divert funds to, say, well-paid NBA players or top tennis stars who also compete for America."​

A record $100 million donation will give next gen of US Olympians $100K to spend after they retire

The U.S. Olympic team received its biggest donation ever — $100 million — to fund $100,000 payments and matching life insurance benefits for anyone who earns a spot on Team USA beginning next year.

apnews.com

This is the million dollar restriction that I was referring to. Sorry that I didn't quote it and wasn't clear.

 

[kwanfan1818]

It’s $100k paid in 4 installments over 4 years, if they make less than 1 million per year. When they are at the Olympics, so not 20 years later when they are sipping pins coladas on the beach?

The 20 years is the minimum amount they have to wait after their last OG to get their first payment. It’s 20 years or age 45, whichever is later, so those one-and-done baby snowboarders will have to wait 30 years. Grandpa Evan Bates will have to wait 20.