AVMA announces new retirement plan for veterinarians
(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.
Serving more than 100,000 member veterinarians, the AVMA is the nation's leading representative of the veterinary profession, dedicated to improving the health and wellbeing of animals, humans and the environment. Founded in 1863 and with members in every U.S. state and territory and more than 60 countries, the AVMA is one of the largest veterinary medical organizations in the world. Informed by our members' unique scientific training and clinical knowledge, the AVMA supports the crucial work of veterinarians and advocates for policies that advance the practice of veterinary medicine and improve animal and human health.
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica's dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2019, Transamerica fulfilled its promises to customers, paying more than $50 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world's largest providers of life insurance, pension solutions and asset management products, operating in more than 20 markets worldwide. For the full year of 2019, Aegon managed over $1 trillion in revenue generating investments. Transamerica, TAG Resources, LLC, and Envestnet Retirement Solutions are not affiliated companies. For more information, please visit www.transamerica.com.
About TAG Resources, LLC
Since inception in the mid 1990's, TAG Resources, LLC, headquartered in Knoxville, Tennessee, has created forward thinking and technology driven retirement plan solutions for 401(k) plan sponsors and their employees. TAG has a culture of innovation that is unique in the retirement industry. TAG was a pioneer in the area of Multiple Employer Plans (MEP's), including creating and trademarking The Open MEP® and developing other fiduciary liability protection structures that have made working with retirement plans easier and safer than ever before. TAG's success at providing products that are easy to administer, mitigate risk and control costs have made them one of the largest fiduciary outsourcing firms in the United States today.
Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 103,000 advisors across more than 4,900 companies including 16 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies, leverage the Envestnet platform to grow their businesses and client relationships. For more information, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.