Savard retired from the NHL on Monday, Joe Haggerty of NBC Sports Boston reports.

Savard's $4.1 million cap hit was acquired by New Jersey along with a 2016 second-round pick in exchange for Graham Black and Paul Thompson.

The Panthers acquired Savard's contract in a deal that also sent Jimmy Hayes to the Bruins for Reilly Smith, TSN.ca reports.

Marc Savard hasn't played a game since 2010-11 and even though he is still dealing with post-concussion syndrome, he is feeling better. "I'm doing good. Things are getting better for me," Savard told TSN 1050 in a radio interview last week. "I still have some issues, but I can't complain; life's pretty good. I've got a newborn, a son that's playing hockey and a daughter that's dancing, so things are pretty busy for me." He still has three years left on his remaining contract with the Bruins at a salary cap hit of $4,027,143 per season, which gets placed on long-term injured reserve.

Marc Savard, who is still suffering from concussion-like symptoms, will be in Boston this week and the Bruins will declare him unfit to play. Savard is under contract through 2016-17 at an annual average salary of just a little over $4 million. The Bruins may not have to place him on long-term injured reserve to start the season though. "We've got a lot of flexibility this year," said GM Peter Chiarelli. "Do I suspect we'll use Savard's LTI? It depends. [Owner Jeremy] Jacobs has allowed us to pursue those types of players. He wants to win. I think if we presented a compelling case, I think he'd let us use it."