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Posted: Thursday November 10, 2011 8:09PM ; Updated: Thursday November 10, 2011 8:09PM

$620 million being distributed to retired players

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NEW YORK (AP) -- The NFL and players' union have reached agreement on how to distribute $620 million to retired players through a legacy fund created by the new collective bargaining agreement.

Players will receive these pension increases for their lifetime, as will their eligible beneficiaries.

Current benefit payments to retirees and their beneficiaries/former family members will immediately be increased to no less than $600 per month. That minimum $600 will apply for players not yet receiving pension payments, based on electing a life annuity or joint and survivor benefit.

A benefit credit will be added to players' current monthly pension checks. If a player is over 55 and already receiving his pension, he will receive an additional $124 per season for seasons before 1975, and $108 per season for seasons from 1975-1992.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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