For many years the PGA of America has searched for a way to develop some kind of retirement plan for members. As we all know, there are tax rules that prevent the Association from directly giving money to members. But the basic principle is that we can reasonably compensate a member for performing services that advance our exempt purpose; specifically for growing the game of golf. Therefore, the PGA of America created a plan whereby members that participate in programs that meet specified performance objectives can earn a contribution towards a deferred compensation fund.
The aim is that over the years these investments will grow and provide a supplemental income for the member upon reaching the age of 65. Because of the power of compounding over time, clearly younger members will benefit most from the program, but everyone can participate.
In addition to all our programs and other benefits this is now a very real and accessible vehicle to accumulate wealth towards a more comfortable retirement. We further hope that this can serve as a truly significant lure and recruiting tool to attract new talent to our great and growing industry.
- Tax-deferred growth
- Ability to choose your investment allocation from a wide variety of funds
- Supplement your future retirement income
- Contributions come directly from the PGA
Points System: Members earn points towards the Plan after the completion of certain specified performance objectives/activities.
You must earn a minimum of 200 points in a given program year to be eligible to receive a contribution
- If a member does not reach that threshold, such points will be forfeited
- Additionally, points cannot be rolled over to future program years
- Reporting Points
- Members can submit and keep track of their points online or through the Deferred Compensation App
- Multi-pronged reporting model includes self-attestation, the attestation of another PGA Member, and to the extent available, the use of other readily available data sources.
- A list of eligible activities and their assigned point value can be found below. Note: Partial credit for some activities is available as well depending on the level of involvement