The NBPA will fund health insurance for all retired players with three or more years of service.

The program is the first of its kind among North American professional sports.

"The game has never been more popular, and all the players in our league today recognize that we're only in this position because of the hard work and dedication of the men who came before us," said Chris Paul. "It's important that we take care of our entire extended NBA family, and I'm proud of my fellow players for taking this unprecedented step to ensure the health and well-being of our predecessors."