The Stanley Cup champions announced the deal Monday with Schultz, who played a key supporting role in their title run.
Schultz didn't appear in a regular-season game for the Kings, spending most of last season with their AHL affiliate in Manchester.
Schultz has appeared in 399 NHL regular-season games with the Washington Capitals. The Kings signed him as a free agent last summer.
Los Angeles also extended qualifying offers to four players, including forward Dwight King and minor-league defenseman Brayden McNabb.