USGA offers voluntary retirement incentive plans to dozens of staffers
The USGA confirmed Wednesday it has offered 63 employees entry into a voluntary retirement incentive plan. The story was first reported by GolfChannel.com.
The deadline for employees to accept the plan was April 30, although there is an additional seven-day period for those offered to make a decision on whether to participate. A USGA spokesperson said the plan was “entirely voluntary.” Sources told GolfChannel.com that at least 50 employees were believed to take the offer. GolfChannel.com reported that the original 63 employees offered the plan made up roughly 15 percent of the USGA’s workforce.
The plan was offered to USGA staffers in all departments who were part of a previous benefit plan that was phased out to new participants in 2008, and who were 55 or older.
A USGA spokesperson provided the following statement: “As the USGA continues to evolve its organizational structure in an effort to drive greater impact and sustain a strong financial future, we have offered a voluntary retirement incentive plan to a segment of our staff. It provides eligible employees with enhanced pension and retiree health benefits, with no obligation to participate. We remain proud of all of our dedicated employees who serve the game selflessly and live our mission to promote the protect the game every day.”
What, if anything, specifically precipitated the decision to offer employees entry into the retirement incentive plan is unclear. A USGA financial statement for the year ending Nov. 30, 2018, reported the association had total assets of $468.4 million for 2018. It also reported $216.4 million in temporarily restricted and unrestricted revenue for the year. However, total expenses were listed as $228.3 million, leaving a decrease in net assets of $11.8 million for 2018.