Deferred Compensation Plan
Plan features
Welcome to the PGA of America Deferred Compensation plan. Click below to view the features and highlights of your employer’s retirement plan.
This is not your plan document. The administration of each plan is governed by the actual plan document. If discrepancies arise between this summary and the plan document, the plan document will govern.
Take advantage today
All PGA members in good standing who are working in the United States are eligible to participate in the plan. However, PGA Associates, University Students, and PGA HQ Employees are not eligible for the plan.
Additionally, Class F members will not be eligible to earn points while in Class F status. A member that is Class F but returns to good standing each year may earn points solely during that time he/she is in good standing. If a member earns points and an award each year but then goes Class F in a later year, that person is still entitled to the amounts previously provided.
Golf Retirement Plus will continue as a separately managed program. Eligible members can participate in both Golf Retirement Plus and the Deferred Compensation program.
Starting early has its advantages
The maximum amount an eligible member may receive in a program year is up to $1,500. The actual amount received will depend on the number of points earned, total participation, and overall contribution by the PGA that year as set at the beginning of each program year.
At the end of each program year, a calculation will be done that takes the total fund contribution by the PGA and divides it by the number of points earned minus those points that were forfeited (due to less than the minimum threshold being achieved or someone earning the equivalent of over the max threshold of $1,500).
Members are not allowed to make individual contributions to their deferred compensation account.
Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.
Accessing your money
You can withdraw funds contributed to your account based on your participation at age 65. Funds may not be withdrawn before age 65. However, there may be some hardship exceptions in limited circumstances.
In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:
- Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
- Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
- Age 70 ½ if you were born before July 1, 1949.
RO 3642161 (6/2024)