This year the top golfer will win a FedEx bonus of $15 million, and $1 million of it will go into his retirement fund.
Most professional sports leagues have very generous retirement plans for athletes. In the NFL, for example, each player can put more than $40,000 a year in their 401 when the team match is factored in. But golf’s PGA Tour seems to enrich athletes the most: Over 600 pro golfers currently have more than $1 million in their retirement plans, and some have significantly more.
Currently over 600 golfers have over $1 million in their retirement funds, and 114 have more than $3 million. These include golfers on both the PGA Tour and PGA Tour Champions, a senior golf tour. Price says the “cuts” plan has been around since 1983, and the bonus plan since 1999. The latter changed its name to the FedEx Player Bonus Plan in 2007. The amount of money available to players changes each year; it’s determined by a policy board, which has players and independent directors on it.Because golfers on tour are considered independent contractors, the PGA Tour can’t just put money into a retirement account for them, and has to use deferred compensation plans, Price says.
Echoing the thoughts of many younger people about how far off retirement can seem, Tiger Woods quipped in 2007 : “I may be dead by the time my retirement fund comes around for me to be able to utilize it.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
7 Credit Cards To Get If You Love Free Money7 No-Fee Credit Cards To Get If You Love Free Money
Read more »
How hedge fund investors are making money off the data you're giving them for freeHedge funds buy mountains of anonymized data that they use to gauge how well retailers are doing ahead of earnings.
Read more »
You can now return Amazon orders for free at all Kohl's stores — here's how it worksAnyone can now return eligible Amazon orders at all Kohl's stores. We tested it to see how the service works.
Read more »
Opinion | Democrats, just say no to the ‘free stuff’ crowdOpinion: Democrats, just say no to the 'free stuff' crowd
Read more »
Airline SAS offers free rebooking of flights as pilot strike loomsScandinavian airline SAS is offering travelers concerned about a possible strike...
Read more »
Verizon is following its rivals' lead with its first free content offerVerizon announced a partnership with Google to provide its customers with access to Google's video streaming TV service, YouTube TV.
Read more »
How to cancel your free trial of Apple News+ before it charges you $9.99If you signed up for Apple News+ on March 25, you'll be billed $9.99 on April 25 to continue using the service.
Read more »
Warren releases sweeping student debt cancellation and free college planSen. Elizabeth Warren on Monday proposed eliminating the student loan debts of tens of millions of Americans and making all public colleges tuition-free, staking out an ambitious stance on one of the central policy debates of the 2020 Democratic primary.
Read more »
Democratic candidates tackle free college ahead of 20202020 candidate Sen. Elizabeth Warren is proposing a student debt cancellation plan that would forgive $50,000 in student loans for Americans in households earning less than $100,000. mj_lee explains:
Read more »
Elizabeth Warren proposes canceling student loan debt and offering free public collegeSen. Elizabeth Warren unveils a plan to cancel up to $50,000 in student loan debt for households earning under $250,000 a year, the only major 2020 presidential candidate to advance such an ambitious plan.
Read more »
Sen. Elizabeth Warren's free college plan aims to eliminate most student debtElizabeth Warren revealed a new higher-education platform that aims to eliminate tuition for two- and four-year public colleges and cancel student loan debt for millions.
Read more »