The National Basketball Players Association's executive committee has voted to set aside a portion of this past season's salary shortfall while a plan to fund health costs for retired players is studied.

Union leaders agreed that they liked the concept of funding retired players' medical costs, but no vote was taken on whether to go forward with the plan.

Since the players' negotiated salaries for the 2014-15 season came in below their 50-51 percent negotiated guarantee, the union will receive the entire escrow fund of approximately $200 million plus the amount of the shortfall -- estimated to be $57 million, according to a league source. 

Michele Roberts released the following statement in response to Adam Silver's comments this week about several teams still losing money despite salary givebacks and enhanced revenue sharing.

"Under the CBA, we do not have a gross compensation system. The players' 50% share is calculated net of a substantial amount of expenses and deductions.

"New and renovated arenas around the league have proven to be revenue drivers, profit centers, and franchise valuation boosters. That has been the case over the past few years in Orlando, Brooklyn, and New York, to name a few. In some instances, owners receive arena revenues that are not included in BRI. Many teams also receive generous arena subsidies, loans and other incentives from state and local governments as part of their arena deals.

"Virtually every business metric demonstrates that our business is healthy. Gate receipts, merchandise sales and TV ratings are all at an all-time high. Franchise values have risen exponentially in recent years, and the NBA has enjoyed high single digit revenue growth since 2010-11."

The NBA's revenues have jumped from $3.8 billion in 10-11 to a projected $5 billion next season.

Adam Silver revealed Tuesday after meeting with league owners that the NBA is projecting that it will have to write a nearly $500 million shortfall check to the players after the 2016-17 season. 

There was a shortfall in the players' guaranteed 50 percent of revenue for this past season, and there could be another one after '15-'16, as well.

"That's not, of course, the ideal outcome from our standpoint," Silver said. "It's not something we predicted when we went into this collective bargaining agreement."

Silver also said Tuesday that a "significant number" of teams are "continuing to lose money" despite "fairly robust revenue sharing when some teams are receiving $20 million checks from their partners."

Silver cited the cost of competing with high payrolls as well as arena costs, new practice facilities and other infrastructure costs that have gone up.

The NBA salary cap for the 15-16 season has risen to $70 million and the luxury tax level will be $84.7 million.

Teams had been operating on an estimated cap of $67.1 million.

On the eve of the offseason, Ken Berger reported there would be an anticipated jump after the NBA's final audit.

The significant increase in the salary cap will impact max contracts as well as luxury tax payments.

NBA.com's David Aldridge reports the players will receive $57.2 million in escrow shortfall payments since salaries were under their share of BRI.

The NBPA is proposing to use millions of dollars from its share of the explosion of television revenue to cover health care insurance costs for its former players.

The plan is estimated to cost between $10 million-$15 million a year and a vote on passage of the union's initiative is set for the NBPA's July 20 membership meeting in Las Vegas. 

The NBPA has been researching the names and addresses of the approximate 1,500 ex-living players and hoping to offer three separate health-care options to them, sources said.

Several players told Yahoo Sports that they're enthusiastic over the idea.