PBC's retirement plan - can someone elaborate

So I recently heard that PBC requires a percentage of the boxer's purse be put away for "retirement plan." This sounds like a great concept as there are all too many sad tales of once-great boxers dying penniless. However, is this setup like a company pension plan, where the money isn't always guaranteed if the company should go bankrupt. Forget the name of the airline but a lot of employees lost their pensions or never got them. Or is the money actually placed in some type of escrow or setup like a trustfund where the money is guaranteed. If it's the latter, then I commend PBC for trying to help. Guys like Adrien Broner need something like that. Some guys would be better off having the control of the money immediately as they are able to save and invest wisely.

Comments (9)

Ray

A retirement fund for boxers (or most sportsmen) is a great idea. However, having a promoter or a manager or even a governing body run it is simply a means to get ripped off. The money should be put into escrow and run by a separate, not for profit, trust and managed by professional money managers who are selected and rewarded on performance of the funds under their management. Anything else is simply waiting for the inevitable collapse or fraud. Well put... Green K

6y ago

Citizen_Koba

6y ago

Ray

It is a good idea as long as its regulated, if the government can back it AKA if said company goes bust then boxers still get their "Pension monies" then cool, but with the under the table "thing" with PBC can the government back something like this?

6y ago

Rustyman

6y ago

ThatDude44

I'm thinking just your basic stuff that some of these fighters off the streets may not know about. I know I've heard Spence mention. Haymon setting up Roths for him.

6y ago

KillaMane26

As much as guys dislike. Al Heyman he is known for looking out for fighters even ex fighters. I remember Paul Williams talking about him..until i hear somthing bad about him financially i dont see why not

6y ago

Inspired

Danny Garcia said he gets paid more than what the public is told. I'm guessing they do get paid in cash with laundered money.

6y ago

Citizen_Koba

Fantastic idea, but I ain't sure I'd trust that responsibility to any promoter - probably best set up a fund overseen by the ABC / National governing body - maybe taking 5% above any fees -and run by a time proven investment manager. Have an opt in by default for all pro fighters based in that country with the option of withdrawing at the loss of all benefits.

6y ago

TrueBox

I don’t know about y’all but I don’t trust anyone with my hard earned $$$. I manage it my way. I don’t let any soul on this planet get near it. Not even my favorite hoe that lives with me under the same roof. But then again we’re talking about boxers. Most of em’ don’t know how to manage their $$$ like true professionals and Uncle Al seems like a trusworthy individual to his boys.

6y ago