Baseball has a sliding scale pension plan that pays players based on service time. I believe if you were on an active roster for at least 43 days in your career you qualify. The minimum pension is $1,000/mo ($24k/year) and the plan goes up to $180,000 for players with 10+ years of service. The plan starts paying at age 62.
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The eligibility requirements for a player to receive a full MLB pension are to be on an active roster for 43 days. To receive a full medical pension a player must be on an active roster for 1 day. Check out the link below to see about pensions for major sports.
http://cashmoneylife.com/2007/04/13/sports-pensions/
Yes, the pension is administed by the Players Association and NOT by Major League Baseball. The real issue is that they cannot get into the Hall of Fame which increases the value of signings they do after they retire.