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.