California is the First State to Start MMA Fighter Retirement Fund. Starts in 2024.

[Blastbeat]

Why don't people just work and earn money and save for their own retirement?

Y'know, self-reliant.

That's always a much better and much freer lifestyle than public-tit-reliant.

the financial education in the USA is unfortunately abysmal in a lot of areas. i got basic knowledge, if that, from my high school. and my school is still rated highly to this day, education-wise. thank goodness my mom was an accountant and helped guide me along.
i try to inform friends and colleagues who dont know about financial stuff if they ask. im no expert but ive got $$$ saved up for emergencies and could take off work for 6 months and be fine without having to dip into retirement funds. welfare should really be a last resort but for some people its all they know. not to mention TikTok and its plethora of absolute shit tier financial advice which is probably influencing a whole generation of naive suckers into ponzi and pyramid schemes designed as side hustles. so if you wanna educate yourself on finances theres a whole load of stuff you have to avoid; TikTok just has some of it.

 

[DapperDave]

Public education in America is run by the socialists.
Their agenda is the opposite of healthy-families teaching personal responsibility and self-reliance.
In the absence of healthy families, their narrative of victimhood and government reliance is prevailing.

 

[ermac88]

Why don't people just work and earn money and save for their own retirement?

Y'know, self-reliant.

That's always a much better and much freer lifestyle than public-tit-reliant.

Well because in America, in life, things dont always work out in a formulaic fashion.
Shit happens. So even the most pragmatic, financially erudite people can struggle if making it to retirement age.

If nothing else, simply the fact that 50% of all bankruptcies in the US stem from medical payment issues, that should be telling enough.

 

[ermac88]

California MMA fighters will now enjoy a retirement benefit if they meet vesting requirements, thanks to a bill signed into law by Gov. Gavin Newsom on Sunday.



Bill AB 1136, drafted by California assemblyman Matt Haney, mirrors a pension fund established in 1982 for professional boxers in California that’s funded by a tax on ticket sales – and allows them to cash out when they schedule the required number of rounds in the state.



MMA fighters will need to schedule at least 39 rounds – they still get credit for full rounds in the event of a finish – in bouts sanctioned by the CSAC and reach 50 to cash out (with exceptions, according to a CSAC release on Tuesday). Boxers have to schedule 75 rounds in the state.

The benefit does not apply retroactively to fighters who’ve fought the required number of rounds in the state.

Foster and CSAC are still at work creating separate revenue streams to fund the retirement benefit; the commission aimed to sell a specialty California license plate with CSAC branding that would put $40 in the pension fund for every plate sold. As of now, the benefit will be funded by a tax of $1 per ticket sold at CSAC-regulated events in addition to concessions and personal contributions. Funding for the retirement benefit will not come from the state’s general fund, the release stated.



Among high-profile supporters of the retirement benefit – the first of its kind among U.S. MMA regulators – is former UFC bantamweight champion Ronda Rousey. So is her one-time opponent Cat Zingano, who recently spoke to legislators about the benefit of creating a small safety net for retired MMA fighters.



Haney previously told MMA Fighting the UFC and Bellator, the highest-profile MMA promoters doing business in the state, are “not in opposition” to the benefit and suggested they contribute to it independent of holding events in the state.


https://www.google.com/amp/s/www.mm...assed-becomes-california-law-starting-in-2024

Why would any person rationally be opposed to this?

 

[Thrawn33]

NY, where you meet good assholes vs Cali, where you get douchey 'niceness'

After living in SoCal and currently on LI....

It's actually true.

(I'm from Michigan so it's not like I'm biased)

 

[RoastBeast]

Dana White will personally donate 13 cents for every UFC branded hot dog sold.

 

[evansusmc2]

Woah woah woah, Cat Zingano fought Cyborg?

I wonder how effective the retirement system will be given how short most MMA careers are and how little they will contribute to the retirement system

as a military retiree myself, I was wondering this also. Even if they do log in 12 to 15 fights that go the distance. When would they start receiving pension? Some fighters have 15 fights by the age of 28. And how much each month?

I’m guessing California government themselves have no answers for any of this yet.

 

[rjmbrd]

My employer paid my rent

You rented because you couldn't afford a home in California. Now you live somewhere less, and you are biter about it. So be it.

California's population dropped by 500,000 in two years as exodus continues

California has a population of 39.24 million in 2021. For context, 500k leaving since then is a change of 1.2%

Its so expensive in California (the reason people like you cannot afford to own a home there) because so many successful people insist on living there. As a state, it has the highest total volume of multimillionaires in the country - second place is Texas, and CA is nearly double that number.

...

 

[rjmbrd]

A $1 a ticket funding retirement is magical unicorn fairy dust. That amount of money won’t even cover government administrative expenses. And EVERYTHING goes into the general fund.

You are apparently unaware California has the same system in place for professional boxing for over a decade, which has paid out just over $4,000,000 to 244 pros.

You don't know what you're talking about.

 

[m249viking]

You are apparently unaware California has the same system in place for professional boxing for over a decade, which has paid out just over $4,000,000 to 244 pros.

You don't know what you're talking about.

I absolutely do know. Paid out? How much have they gathered? What was the effect on attendance? What’s the administrative cost? How much actually made it to the fighters?

 

[GearSolidMetal]

You rented because you couldn't afford a home in California. Now you live somewhere less, and you are biter about it. So be it.

More like I was offered to buy a house near my employer and didn't want to be entrapped by owning property I couldn't sell for one of many different reasons. It was only a 2-year contract, but alot of factors can determine if property values rise or plummet in 2 years.

Smart decision, because that area's property values dropped 40% in 2 years because of increased illegal alien migration and an increased local crime & murder rate. That's what happens when CA barely polices their southern border, more and more cartel activity.

California has a population of 39.24 million in 2021. For context, 500k leaving since then is a change of 1.2%

Its so expensive in California (the reason people like you cannot afford to own a home there) because so many successful people insist on living there. As a state, it has the highest total volume of multimillionaires in the country - second place is Texas, and CA is nearly double that number.

And?

Your point is?

Is it that California residents must obsess about money, getting & keeping it from others, to stay in California?

Okay then. Thank you for that insight about the residents of California.

 

[GearSolidMetal]

You are apparently unaware California has the same system in place for professional boxing for over a decade, which has paid out just over $4,000,000 to 244 pros.

You don't know what you're talking about.

You do realize that isn't much right?

Roughly $17K for each of those fighters? Since 1999? And California has only sold 4 million boxing tickets in almost a quarter century?

The MMA fighters have so much to look forward to with their California pension.

 

[ferrisjso]

Public education in America is run by the socialists.
Their agenda is the opposite of healthy-families teaching personal responsibility and self-reliance.
In the absence of healthy families, their narrative of victimhood and government reliance is prevailing.

You mean human rights? Reliance is a positive thing. Being dependent on people whose economic agenda is paying as little as possible is pure insanity.

In reality the degenerate neoliberal values that you aren't entitled to anything unless you serve corporations dominate education and you are ostracized if you don't believe in it. But by claiming otherwise you can continue to go on the offensive against all good socialist minded people.

 

[Lee_]

Well, in any case, I hope we just have a few ignorant loudmouths, and the rest of us support the fighters. I'm pretty sure that is the case. An extra dollar donation to help the situation with aging fighters I would think most of us can get behind. We get a lot of entertainment out of the sport, and so few of them aren't going to be poor old men with lots of damage to the body and brain; I think programs like this are well worth it.

A number of fighters were working in support of this bill too, so hopefully other places will explore options like this since The UFC and other orgs aren't going to help these guys any time soon.

 

[Lee_]

as a military retiree myself, I was wondering this also. Even if they do log in 12 to 15 fights that go the distance. When would they start receiving pension? Some fighters have 15 fights by the age of 28. And how much each month?

I’m guessing California government themselves have no answers for any of this yet.

Actually, the bill, which was again worked on a lot by CA MMA fighters (Rousey, Faber, etc.), defines all of the questions you ask here. The way pensions work comes down to age and seniority (which in this case will be number of rounds). The retirement age is 50, so you have to be vested and age 50 to draw benefits. The military is the only major government pension where you can retire in your forties with at least 20 years of service as you know. Every other one has an older age. I had to be 55 for mine. The money accumulates in accounts, and fighters that never get vested have their pension distributed to other accounts evenly. They will also earn interest. i have one from CA, so pretty much up on the facts. You can read the bill though; it's available on the internet.

 

[Scerpi]

Why would any person rationally be opposed to this?

lol... Exactly how is it supposed to work? Don't they get social security pulled from their checks like everyone else?

Going to impose a min fight or min year requirement? Great... watch fighters get dumped early. And the small MMA circuits will have zero chance to afford this. They barely get by as it is.

And why MMA? I'm not against it. Just don't think its feasible.

Say goodbye to MMA events in California.

 

[Scerpi]

Actually, the bill, which was again worked on a lot by CA MMA fighters (Rousey, Faber, etc.), defines all of the questions you ask here. The way pensions work comes down to age and seniority (which in this case will be number of rounds). The retirement age is 50, so you have to be vested and age 50 to draw benefits. The military is the only major government pension where you can retire in your forties with at least 20 years of service as you know. Every other one has an older age. I had to be 55 for mine. The money accumulates in accounts, and fighters that never get vested have their pension distributed to other accounts evenly. They will also earn interest. i have one from CA, so pretty much up on the facts. You can read the bill though; it's available on the internet.

They'll never fight that long now... They'll get dumped way before then or organizations will just avoid California altogether.... Even other countries.

They'll push fighters to leave for other locations.

 

[Rematch]

39 rounds (NOT 13 fights. ROUNDS) in California + 50+ years of age = someone's only trying to solve a problem for a small few.

Way too many fighters are forced to retire due to injuries to make 39 rounds. Way too may not-so-good fighters will force themselves to fight 39 rounds than just retire, resulting in life-long injuries. Many UFC will not see this benefit due to the how often events may take place in California. Many fighters who do manage to get 39 rounds in California, having to wait until the age of 50 is a long wait considering that many fighters have to retire decades before that period. Also, consider that there are fighters that have over 50 fights that have not made 39 rounds, yet the tax for their benefits have been paid all the same.

It could definitely use some work to be more equitable. Otherwise, expect lay-and-pray festivals for events in the state of California.

 

[Lee_]

They'll never fight that long now... They'll get dumped way before then or organizations will just avoid California altogether.... Even other countries.

They'll push fighters to leave for other locations.

So- organizations will leave and avoid California over 1 dollar added to fan seats? Overreacting, aren't we? I will guarantee you there are a lot of MMA shows in CA, and they aren't going anywhere.
Fans are paying $2000 foir decent seats at the UFC, and they are going to cry about a dollar, and that's going to end MMA in CA? No.

 

[Lee_]

39 rounds (NOT 13 fights. ROUNDS) in California + 50+ years of age = someone's only trying to solve a problem for a small few.

Way too many fighters are forced to retire due to injuries to make 39 rounds. Way too may not-so-good fighters will force themselves to fight 39 rounds than just retire, resulting in life-long injuries. Many UFC will not see this benefit due to the how often events may take place in California. Many fighters who do manage to get 39 rounds in California, having to wait until the age of 50 is a long wait considering that many fighters have to retire decades before that period. Also, consider that there are fighters that have over 50 fights that have not made 39 rounds, yet the tax for their benefits have been paid all the same.

It could definitely use some work to be more equitable. Otherwise, expect lay-and-pray festivals for events in the state of California.

The idea of a pension is that you have something when you get old and are broke and have a hard time working. They aren't going to start cutting checks to everyone that passes 39 rounds, that would be ridiculous. THAT would be what might cause the LnP you speak of. Fighters aren't going to lay and pray because they have a small safety net at the age of 50 coming. Think about it.

Yes, it is not intended to solve the problems of every fighter in the US, so no one is saying those it helps won't be limited; it is a good start though, and they aren't taxing your average person for it, which is what you would have to do to help the number of people you are alluding to here. A lot of boxers have apparently been able to use their fund in CA, so it may well end up helping a lot of guys who fought at lower-level shows. There are a lot of them here.