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Senior Tour Announces Schwab Cup Annuity

The PGA Tour has announced the winner of the 2001 Charles Schwab Cup will earn a $1 million tax-deferred annuity. Total annuity payments of $2.1 million will be awarded to the top five finishers in the season-long Charles Schwab Cup competition that involves all 38 Senior Tour events in 2001.
Second place will receive a $500,000 annuity, third $300,000, fourth $200,000 and fifth $100,000. Players who finish in the top 10 will receive points on a weekly basis, with Charles Schwab & Co. funding the series.
The winner of the Cup will be crowned at the season-ending Senior Tour Championship.