NEW YORK — A memo was sent out this afternoon from the players’ union urging ratification of the new collective bargaining agreement.
Players have until 4 p.m. Thursday to vote “yes” or “no” on the deal.
In the memo, a copy of which was obtained by SheridanHoops.com, union director Billy Hunter wrote: “Although the players made significant financial concessions, including taking a reduced share of Basketball Related Income, collective salaries will nonetheless increase over the course of the CBA, the players retained important system issues, and achieved gains on non-economic issues.
The document goes on to list the terms of the agreement. Among them:
_ An expected increase in annual collective salaries and benefits from the current $2.17 billion to more than $3 billion by the end of the 10-year agreement.
_ Neutral review of commissioner David Stern’s financial discipline for players’ on-court conduct.
_ A minimum of 16 days off for each player during a season (beginning in 2012-13).
_ A new benefits pool funded by BRI that permits players to receive post-career health and welfare benefits.
_ Increases in player appearance fees as sponsor events to a minimum of $3,000 ($4,000 if he does more than eight).
_ A new optional annuity under which players, beginning in 2012-13, will have the option to directly defer portions of their salary to an annuity plan with favorable interest rates to be paid to the player upon retirement.
_ The amount teams can pay toward buying an international player out of his contract is increased by $25,000 each season ($525,000 in year 1 of the CBA, $550,000 in year 2, etc.), and the rule now also applies to American players who are playing overseas.
_ Players will receive 66/82nds of their salaries for the 2011-12 season.
_ Players can receive up to 50 percent of their salary as an advance prior to Oct. 1.
_ A joint NBA-NBPA Committee will discuss issues related to the Draft and the D-League, including the age limit.
_ No player with more than 3 years of service may be assigned to the D-League without their consent. Assigned players are paid under their NBA contracts.
_ Beginning in 2012-13, players can be tested a maximum of two times during the offseason for steroids and performance enhancing drugs only. The number of total tests given to players will be limited so that a majority of players will receive no more than 4 tests throughout the course of the entire year. Players may not be tested at the arena on a game night.
_ Players can agree to wear a microphone for one nationally televised game per month, one locally televised game per month, and up to two playoff games per round, and no player can be subject to discipline for content captured as a result of wearing a microphone.
_ Training camp compensation increased to $2000 per week beginning in 2012-13, and the per diem goes up to $120 per day.
_ Housing reimbursements for traded players are increased to $4,500 per month for three months following a trade.