Team USA Athletes to Receive Significant Post-Retirement Financial Support Thanks to Landmark Donation
In a groundbreaking move poised to revolutionize financial security for American Olympians and Paralympians, the United States Olympic and Paralympic Committee (USOPC) has unveiled a new post-retirement benefits plan fueled by a monumental $100 million donation. This unprecedented initiative, spearheaded by philanthropist Ross Stevens, promises to provide eligible Team USA athletes with at least $200,000 in financial assistance following the conclusion of their competitive careers.
The plan, officially announced Wednesday, will establish the "Stevens Financial Security Award," a substantial program designed to address a long-standing challenge faced by many Olympic and Paralympic athletes: the lack of financial stability beyond their active sporting years. The award will consist of two separate six-figure payments, carefully structured to provide both immediate and long-term security.
Under the framework of the Stevens Financial Security Award, eligible athletes will gain access to an initial $100,000 sum over a four-year period after their Olympic or Paralympic journey concludes. This access is specifically timed to begin 20 years after their qualifying Games or when they reach the age of 45, whichever occurs later. This thoughtful structure aims to provide a financial safety net when athletes may be transitioning into new careers, raising families, or facing unforeseen circumstances.
Furthermore, to ensure the enduring well-being of athletes and their loved ones, the plan includes a provision for their families or designated beneficiaries. Upon an athlete’s death, their families will receive an additional $100,000, offering crucial financial support during a difficult time.
The USOPC has also announced a unique and impactful element of the plan: the benefits will multiply with each subsequent Olympic or Paralympic Games in which an athlete competes. This means that a two-time Olympian will be eligible to receive $400,000 in total benefits, while a three-time Paralympian could potentially receive $600,000. This system incentivizes continued dedication to representing Team USA and rewards athletes for their sustained commitment to excellence.
The magnitude of Ross Stevens’ donation cannot be overstated. As the CEO and founder of Stone Ridge Holdings Group, Stevens’ $100 million contribution stands as the largest single gift in the history of the USOPC. This "anchor funding gift" has been instrumental in making the post-retirement support program a reality, paving the way for a brighter future for Team USA athletes.
USOPC chairman Gene Sykes expressed his profound gratitude for Stevens’ generosity and vision. "Because of Ross’ extraordinary generosity and philanthropic creativity, we can create more than a financial safety net," Sykes stated. "We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers."
Stevens himself emphasized the importance of honoring the sacrifices made by Team USA athletes. "Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride," Stevens said. "The Stevens Awards honor the sacrifices they have made on behalf of all Americans while inspiring the development of their dreams in the post-Games chapter of their lives."
The post-retirement support program directly addresses a fundamental inequity in Olympic and Paralympic sports. Unlike athletes in major professional team sports who enjoy the security of guaranteed contracts regardless of performance or injury, most Olympic and Paralympic athletes rely heavily on sponsorship deals and appearance fees to generate income. While superstar athletes like Simone Biles in gymnastics and Noah Lyles in track and field can command lucrative endorsements, the vast majority of Olympic and Paralympic athletes struggle to make ends meet.
This disparity in income has been a persistent concern within the Olympic and Paralympic community. Water polo player Kaleigh Gilchrist highlighted this issue last summer, stating, "The reality is that’s only the top 5%. The rest of us are living paycheck by paycheck."
While national governing bodies and international federations have offered various stipends to assist athletes with training and support, and the USOPC provides medal bonuses ($37,500 for gold, $22,500 for silver, and $15,000 for bronze in 2024), many athletes feel that these measures are insufficient, particularly for those early in their careers who are striving to establish themselves professionally.
A 2020 survey conducted by Global Athlete, an advocacy group, surveyed nearly 500 elite athletes across 48 countries and found that a staggering 58% of respondents did not consider themselves financially stable.
The USOPC believes that the Stevens Awards will significantly alleviate this financial instability by providing Olympic and Paralympic athletes with the opportunity to accumulate savings that they might otherwise be unable to acquire during their competitive years.
Stevens further underscored the unifying power of Olympic and Paralympic athletes. "Admiration of U.S. Olympians and Paralympians is uniquely bipartisan, uniting all Americans, and reminding us of our shared humanity," he said.
This innovative post-retirement support program signifies a paradigm shift in the way Team USA athletes are valued and supported. By providing financial security and opportunity, the USOPC and Ross Stevens are investing not only in the well-being of these exceptional individuals but also in the future of American sport. This initiative promises to empower athletes to pursue their dreams beyond the arena, ensuring that their contributions to the nation are recognized and rewarded long after they hang up their competitive gear. The lasting impact of the Stevens Financial Security Award will undoubtedly be felt for generations to come, fostering a more equitable and sustainable environment for Olympic and Paralympic athletes in the United States.
