Calling them “a part of our brotherhood,” the NBA and the National Basketball Players Assn. have unveiled a jointly-funded program to “provide recognition payments for pioneer players from the American Basketball Assn.”

According to the NBA and NBPA, approximately 115 former ABA players, who played at least three seasons and did not qualify for a benefit from the NBA players’ pension plan, will receive payments under this new program.

The NBA will pay more than $24.million in total.

According to the NBA and NBPA, under the program, recognition payments to these ABA players will approximate an annual payment of $3,828 per year of service.

As an example, the NBA and NBPA said a player with five years of ABA service would receive $19,140 annually from the NBA/NBPA program. 

The ABA existed from 1967-1976. In 1976, four teams became part of the NBA: the Denver Nuggets. Indiana Pacers, NY/NJ Nets and San Antonio Spurs.

"Our players have a genuine sense of appreciation for those who paved the way and helped us achieve the success we enjoy today," NBPA executive director Tamika Tremaglio said via the organization.

"We have always considered the ABA players a part of our brotherhood and we are proud to finally recognize them with this benefit."

                                                                     “Both our current players and team governors felt a need to act on behalf of these former ABA players who are aging and, in many cases, facing difficult economic circumstances,” NBA commissioner Adam Silver said via the league.

“These pioneers made meaningful contributions to help grow the game of professional basketball and we all believe it’s appropriate to provide financial recognition to this group for their impact.”