AVMA eager to explore new retirement options for veterinary small businesses

For more information Phone: 202-740-1659 Cell: 202-289-3213
For immediate release: 10/22/2018

American Veterinary Medical Association (AVMA) President Dr. John de Jong released the following statement in response to today's announcement of new proposed retirement savings plan regulations from the U.S. Department of Labor. Under the proposed rules, small businesses would be able to offer retirement savings plans to their workers through Association Retirement Plans, which would allow small businesses to band together to offer 401(k) plans to their employees. Associations and employers, including the AVMA, could potentially offer retirement plans through these rules.

"Many veterinarians are small business owners, which means they are more likely to have trouble accessing robust retirement plans for themselves and their employees. We’re supportive of policies that expand veterinary access to retirement benefits, and today's announcement by the Department of Labor is an exciting step in that direction. We’re looking forward to exploring how this rule can benefit veterinarians and working with policymakers to promote a successful rollout.

About the AVMA

The AVMA is the nation's leading representative of the veterinary profession, speaking for more than 95,000 member veterinarians across the United States who care passionately about protecting animal health, animal welfare and human health. Informed by its members' unique scientific training and knowledge, the AVMA advocates for policies that advance the practice of veterinary medicine and support the crucial work of veterinarians nationwide.