Yes. In most cases, even players who were traded from the team during the regular season are awarded world championship rings.
As the Yankees won the World Series in 2009 all players that were active in the 2009 season have rings.
during home opener the following season
1 babe Ruth
1 ... as third base coach for the Boston Red Sox that won the 2004 World Series.
There are no current players on the Yankees with 7 rings. There are four players with 5 rings (Derek Jeter, Mariano Rivera, Jorge Posada and Andy Pettitte)
every one on the phillies organazation in cluding people who work for the team
Derek Jeter had four World Series rings by 2002.
There were no rings then. Players were given a pocket watch, with a medallion attached to the watchchain.
Any players who were on the roster during the year even if they didntsee action or were on the DL receive rings.
There haven't been many because Boston didn't win a World Series between 1918 and 2004. Three players who won world championships with both teams: Babe Ruth, Johnny Damon and Eric Hinske.