Athletes who represent Team USA at the Olympic or Paralympic Games will be eligible to receive at least $200,000 in post-retirement benefits as part of a new support plan announced Wednesday.
The plan, fueled by a $100 million donation by philanthropist Ross Stevens, will allow each Team USA athlete to receive a ‘Stevens Financial Security Award’ consisting of two six-figure payments. Eligible athletes will be able to access $100,000 over a four-year period following the end of their Olympic or Paralympic careers − specifically, 20 years after their qualifying Games or when they turn 45 years old, whichever is later. Their families or beneficiaries will also receive $100,000 upon their death.
In a statement announcing the plan, the U.S. Olympic and Paralympic Committee added that the benefits will multiply with each additional iteration of the Games in which the athlete competes − meaning a two-time Olympic athlete would receive $400,000, and a three-time Paralympian would be eligible to receive $600,000.
‘Because of Ross’ extraordinary generosity and philanthropic creativity, we can create more than a financial safety net,’ USOPC chairman Gene Sykes said in a statement. ‘We can build a springboard that will propel these athletes to even greater heights beyond their Olympic and Paralympic careers.’
The USOPC said the $100-million ‘anchor funding gift’ from Stevens, the CEO and founder of Stone Ridge Holdings Group, made the program possible. It is the largest single gift in the organization’s history.
‘Team USA athletes, extraordinary individuals, have proven they can achieve greatness and represent our incredible country with pride,’ Stevens said in a statement. ‘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 offers a creative solution to one of the fundamental issues in Olympic and Paralympic sports.
Unlike in major professional team sports, where athletes have the security of a contract that pays out regardless of performance or injury, most Olympic and Paralympic athletes rely on sponsorship deals and appearance fees to make up the majority of their income. For big stars like gymnastics gold medalist Simone Biles and 100-meter champion Noah Lyles, those income streams are massive. But for the average Olympic athlete in a sport like table tennis or water polo, they are usually not available.
‘The reality is that’s only the top 5%,’ water polo player Kaleigh Gilchrist said last summer. ‘The rest of us are living paycheck by paycheck.’
National governing bodies and international federations have offered various stipends to help fund athletes’ training and support them during their careers. The USOPC also pays athletes who medal at the Olympic or Paralympic Games; In 2024, they received $37,500 for every gold medal, $22,500 for every silver and $15,000 for every bronze.
Yet because so much of the money is dependent on performance, many athletes feel it’s not enough − especially for early-career Olympic athletes, who are trying to get a foothold as a professional. A 2020 survey of nearly 500 elite athletes across 48 countries by advocacy group Global Athlete found 58% of respondents didn’t consider themselves financially stable.
The USOPC said the Stevens Awards will help address this issue by providing the sort of savings that Olympic and Paralympic athletes do not have a chance to accrue.
‘Admiration of U.S. Olympians and Paralympians is uniquely bipartisan, uniting all Americans, and reminding us of our shared humanity,’ Stevens said.
Contact Tom Schad at tschad@usatoday.com or on social media @tomschad.bsky.social.
(This story has been updated to add a video.)