Schultz was traded to the Penguins on Feb. 27 and had four assists in 15 games during their Stanley Cup playoff run while averaging just over 13 minutes of ice time.
The 26-year-old was an unrestricted free agent coming off a $3.9-million, one-year deal signed last July with the Edmonton Oilers.
He was once one of the most highly sought-after free agents on the market, when he came out of the University of Wisconsin in 2012 having not signed a contract with the Anaheim Ducks, who drafted Schultz 43rd overall in 2008.
The offensive blue-liner was never able to live up to high expectations in Edmonton, eventually falling out of favour with fans and management, leading to his trade to Pittsburgh.
The Kelowna, B.C. native has 29 goals and 80 assists in 266 career NHL games.