Wells Fargo Financial Advisor and USPTA Elite Professional, Bo Gard, along with Marshall Lynch, CFP, First Vice President, have partnered with the USPTA to develop a program that provides USPTA-certified Professionals with the option of a savings and retirement plan, each customizable to their unique needs.

These benefit offerings provide our members with a menu of options, each bringing their own unique opportunity for growth, principal protection and/or income. The benefit options include the Supplemental Savings program, along with Qualified Retirement (tax deferred) options.

The Supplemental Savings Program, will feature a vendor-supported savings plan, with select vendors providing concessions to the USPTA for the benefit of participating member pros.  Payments will be made on a quarterly basis to member accounts. ° These contributions will be considered taxable income.  The following vendors are participating in the program:

• Fromuth – 5% on the purchase of $750 per year of Nike footwear and apparel for pro shops* (not for personal use)
• NetKnacks – 3% on the purchase of promotional merchandise, T-shirts and awards+
• 10-S Tennis Supply – 4% contribution on nets, court equipment and Aer-Flo Tuffy windscreens
• Wilson – 2.5% contribution on incremental sales off your 2018 baseline of purchases of racquets, balls, strings, grip, bags, 10 and Under Tennis equipment and stringing machines, along with platform tennis paddles and balls°
• Har-Tru – 3% on all ball equipment
• Caribbean Sol - 5% on purchases once a $500 threshold has been reached (The initial $500 will be included in the contribution)
  

Supplemental Savings Plan is used as vehicle to deposit the contributions from vendors. In this account, funds will be taxed under the Internal Revenue Code.

Pros have the choice of investing by transferring the supplemental savings plan funds into a Qualified Retirement Plan (e.g. IRA, ROTH IRA).

Individual Retirement Accounts (IRAs) were created to give people a tax-advantaged way to save for retirement. The biggest advantage is not having to pay taxes on annual investment earnings (gains, interest, or dividends) while your savings are in the account. The earlier you start to save in a tax-deferred IRA, the more time you have for those savings to grow through the power of tax-deferred compounding.

Click here to learn more about IRA’s
IRA Frequently Asked Questions
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Roth Individual Retirement Accounts (Roth IRAs) are a good choice if you’re seeking tax-free withdrawals in retirement, want to avoid required minimum distributions (RMDs) beginning at age 70 1/2, or feel you’ll be in the same or a higher tax bracket in retirement. Roth IRAs offer you an opportunity to create tax-free income during retirement.

Click here to learn more about Roth IRA’s
Useful links:
https://www.wellsfargo.com/investing/retirement/ira/ira-choices/
https://www.wellsfargo.com/investing/retirement/ira/select/
https://www.wellsfargo.com/investing/retirement/ira/traditional-or-roth-ira/

*At this time, only those pros who own a club or resort pro-shop or have fiscal or managerial responsibility for the shop are eligible for these matching contributions.

+Excludes any orders related to USTA league award national program products and USTA Program Resource materials.

°Wilson accounts will be tracked and recorded quarterly but payments will be made on an annual basis.

Traditional IRA distributions are taxed as ordinary income.  Qualified Roth IRA distributions are not subject to state and local taxation in most states.  Qualified Roth IRA distributions are also federally tax-free provided a Roth account has been open for at least five years and the owner has reached age 59 ½ or meet other requirements.  Both may be subject to a 10% Federal tax penalty if distributions are taken prior to age 59 ½.

CAR # 0318-02675

RESOURCES

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Tax Information (PDF)