The NHL will be increasing the amount of funding they provide to the Senior Player Benefit program by $1 million, according to a report by Damien Cox of the Toronto Star on Tuesday morning.
The program benefits former NHL players who played at least 10 years in the league and are 65 years of age or older. Originally established in 2005, the program is a joint venture by the league and the NHL Players' Association in order to provide former players with supplemental income to their pension fund.
Each side contributes $2 million annually, which is then distributed amongst eligible former players. Each player is given $1,380 for each year of service.
With the NHL increasing their annual funding to $3 million, more money will be made available.
This will be beneficial to the program as more players will be drawing from the fund due to the 1967 expansion of the league from six teams, according to Mark Napier, the NHL Alumni Association president.
With the NHLPA claiming that the crown jewel of the new collective bargaining agreement was the pension program, Cox believes that the players need to follow the league's example and increase their contribution to the fund.
According to his calculations, former players could draw $1,800 for each year of service if the total pot was $4 million.