Commissioner Happy Chandler announces the creation of a pension plan for major league players. The plan will pay players who have accumulated five seasons in the major leagues with $50 a month starting at age 50. A player will receive an extra $10 per month for each additional year of service up to a maximum of $100.
Talks between the league and the players resume in an attempt to resolve the on-going strike. The owners agree to drop their demands for a salary cap and replace it with a proposal for the luxury tax.
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