PGA Pork
posted by Jazz at 1/12/2005 01:45:00 PMNOTE: YOU ARE VIEWING AN ARCHIVED POST AT RUNNING SCARED'S OLD BLOG. PLEASE VISIT THE NEW BLOG HERE.
Thanks for letting us know, Doug... even if I am getting a severe headache now.In a section of the bill intended to limit corporations' use of deferred compensation plans, an exemption is included for any plan �established or maintained by an organization incorporated on July 2, 1974.� That organization would be the PGA Tour Inc.
Sounds good for them, right? Well, you don't know the half of it - The PGA pension plan is tied to performance. Golfweek magazine reported in 2001 that a 26-year-old player who began his career that year, plays 17 seasons without winning a tournament, and ranks No. 75 would get a retirement nest egg of nearly $43 million.
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