(SCHAUMBURG, Illinois) September 30, 2020—The American Veterinary Medical Association (AVMA) today announced a new retirement plan for AVMA members, featuring competitive investments, outstanding service and greatly reduced plan maintenance.
The new AVMA Trust Retirement Plan, available to practice owners and self-employed veterinarians beginning October 1, is offered through Transamerica, in partnership with TAG Resources and Envestnet Retirement Solutions.
"We are thrilled to announce this new retirement plan for practice owners and self-employed members," said Dr. Douglas Kratt, AVMA president. "The plan will alleviate virtually all the administrative burden of managing retirement plans from veterinarians and allow them to focus more time and energy on running their businesses and caring for patients.
"The AVMA is dedicated to continually enhancing our benefits to provide our members with the most competitive programs, products and services available in the marketplace today, and I think our members will find this latest benefit to be one of our most valuable yet," Kratt added. "We encourage our members to explore the benefits of the AVMA Trust Retirement Plan, and how it may offer a solution to serve them and their unique needs."
According to a recent AVMA Trust survey, 40% of independent practice owners do not currently offer a retirement plan to their employees, and those that do often have limited options. Single-employer plans—those available for small business owners—are usually more costly, present more risk for the employer and have limited portfolio options.
To address these issues, the new AVMA Trust Retirement Plan leverages the power and size of the AVMA community to offer a 401(k) that will reduce the administrative burden of managing retirement plans from veterinarians while providing members with a product that meets the unique needs of veterinary small businesses, and with lower management costs than single-employer plans.
The AVMA Trust Retirement Plan offers simplified plan administration, a large variety of investment options, a reduced fiduciary burden, and the ability to customize the plan portfolio to meet the business' objectives. Additional benefits include a dedicated online platform with quantitative and qualitative insights and reports; participant education, including online learning for investors; personalized consulting services; and support and training from financial advisors.
"AVMA Trust is delighted to have the opportunity to help AVMA members create retirement solutions for themselves and their employees and give them the ability to customize the plan design to meet their business objectives," said Dr. Joseph Kinnarney, AVMA Trust chair. "Our due diligence process, combined with knowing the needs of our professionally diverse membership, gives us every confidence that the AVMA Trust Retirement Plan is the best solution for our membership."
The new plan adds yet another valuable offering to AVMA Trust's best-in-class suite of member benefits.
To learn more about the program or to schedule a personal consultation, email AVMATrustRetirementPlantransamerica [dot] com or call 312-596-5336.