In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla’s contract.
However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.
At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered – but that did not work out.
I mean, my old job is paying me not to work, but no where near $1.2 million!!!
Funny story, I had three different options;
One was guaranteed 5 years and if I die before 5 years my beneficiary gets paid to the end of that 5, same thing with 10 years and lifetime, the amount varies depending on which you take.
We did the math and the 5 year is what works.
I had to have a secondary beneficiary if my wife were to die also, we had the discussion of my son, who would be more responsible, or my daughter who would need the money more.