From October 1st, the AVMA Trust launched a new pension plan for AVMA members, which is available to the practice owners together with their authorized employees and independent veterinarians.
Last year the US Department of Labor passed a new regulation that provides for pension plans for associations. Employers and working entrepreneurs without employees can participate.
According to an AVMA announcement, the AVMA Trust Retirement Plan offers competitive investments, great service, and greatly reduced maintenance fees. The plan is offered by Transamerica in partnership with Tag Resources and Envestnet Retirement Solutions.
“We are very excited to announce this new retirement plan for practice owners and self-employed members,” said Dr. Douglas Kratt, President of AVMA, in the announcement. “The plan will virtually reduce the overall administrative burden of managing retirement plans for veterinarians, allowing them to focus more time and energy on running their businesses and caring for patients.
“AVMA is committed to continuously improving our benefits in order to provide our members with the most competitive programs, products and services on the market today. I think our members will see this latest benefit as one of our most valuable to date,” said Dr. Kratt added. “We encourage our members to explore the benefits of the AVMA Trust Retirement Plan and how it can provide a solution to meet them and their special needs.”
According to a recent survey by AVMA Trust, 40% of independent practice owners do not currently offer their employees a retirement plan, and those who often have a plan with restricted options. Individual employer plans – those available to small business owners – are typically more expensive, pose a higher risk to the employer, and offer limited portfolio options compared to large employer plans.
To address these issues, the new AVMA Trust Retirement Plan leverages the size of AVMA membership to offer a 401 (k) plan that reduces the administrative burden of managing retirement plans and offers members a product that meets the unique needs of small veterinarian caters to business and has lower administrative costs than individual employer plans.
The AVMA Trust Retirement Plan offers simplified plan administration, a variety of investment options, a lower trust burden and the option of adapting the plan portfolio to the company’s goals. Further advantages are a special online platform with quantitative and qualitative findings and reports. Participant training, including online learning for investors; personalized advisory services; Financial advisor support and training.
“AVMA Trust is pleased to have the opportunity to help AVMA members develop retirement solutions for themselves and their employees and to give them the opportunity to adapt the planning design to their business goals,” said Dr. Joseph Kinnarney, Chairman of AVMA Trust, in the announcement. “Our due diligence process, combined with understanding the needs of our professionally diverse membership, gives us confidence that the AVMA Trust Retirement Plan is the best fit for our membership.”
AVMA members who want to learn more about the program or arrange a personal consultation can send an email AVMATrustRetirementPlantransamerica [dot] With or call 312-596-5336.