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 Nike footwear and apparel for pro shops after an initial $750 is spent per year* (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 of your previous years 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
Supplemental Savings Plan is used as a 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.
- 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.
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