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The 50-year-old Schulz - in the field as an alternate in his 12th start on the 50-and-over tour - finished at 14-under 202. It was his first victory since winning the 1991 Nissan Open for the second of his two PGA Tour titles
Pernice finished with a 67. Mark Calcavecchia and Tom Kite closed with 69s to tie for third at 12 under. Fred Couples (68) followed at 11 under.
Jeff Sluman, the 2008 and 2009 winner, shot a 71 to finish at 6 under.
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