Discover the AVMA Trust Retirement Plan


Taking care of your practice means taking care of your employees

Veterinary practices have never seemed busier than they are today. COVID-19 lockdowns across the country inspired an unprecedented wave of animal adoptions among families who suddenly found themselves working — or studying — from home. In turn, the increase in pet ownership spurred a need for more veterinarians and support staff to care for these patients, leaving many veterinary practices scrambling to hire new associates and team members from a limited pool of available candidates.

In a recent survey by the Veterinary Hospital Managers Association, more than 80% of responding practices reported they added new positions in 2020, and 91% said they were still considering hiring new team members in 2021.1

Besides offering a higher salary or signing bonus, how can practices survive — and thrive — in this increasingly competitive environment? Offering access to a retirement plan as part of an employee compensation package can be a significant part of the solution.

A win-win for employers and employees

A workplace retirement plan offers significant benefits to employers and employees. An employer-provided plan makes it easier for employees to save for the future — offering them a sense of financial stability — and creates an incentive for them to remain with the employer who provided the benefit. It can help restore their confidence in their ability to prepare for the future in the wake of the toll that the COVID-19 pandemic has taken on the economy.

In addition to being able to take advantage of the plan and build for their own financial future, practice owners also recognize other benefits from offering a retirement plan, including:

·         Significant tax advantages for the practice as Congress creates incentives for employers to provide retirement benefits to employees

·         An affordable supplement to a compensation package if the practice has high start-up costs or little cash on hand

·         A way for employees to reduce their income tax bills by making pretax contributions — or a way for them to enjoy potential tax-free investment growth by contributing after-tax dollars to a Roth 401(k) account2

The AVMA Trust Retirement Plan

With these challenges and opportunities in mind, the AVMA Trust — in partnership with Transamerica, TAG Resources, and Envestnet — is sponsoring a new association retirement plan designed specifically for veterinarians and veterinary practices. The AVMA Trust Retirement Plan offers an array of benefits for practice owners like you, including:

·         Affordable enrollment and maintenance fees

·         Simplified plan administration

·         A large selection of investment options

·         A minimal fiduciary burden

·         The ability to customize the plan portfolio to meet your practice’s unique objectives

·         A dedicated employer website with quantitative and qualitative insights and reports

·         Participant education, including online tools and resources

·         Personalized consulting services

·         Support and training from financial advisors

Most importantly, the AVMA Trust Retirement Plan offers you and your employees the opportunity to better meet your financial objectives for retirement. And, as a practice owner, it gives you an additional tool to recruit and retain top talent to help you build and sustain your veterinary practice.

If you currently sponsor a retirement plan, we encourage you to consider the AVMA Trust Retirement Plan. This affordable multiple employer plan (MEP) is designed to alleviate the administrative burden and minimize the fiduciary responsibility that typically exists in other employer-sponsored retirement plans, giving you peace of mind and more time to treat your patients.

Why retirement planning matters

A recent study of American workers found:3

·         56% of current workers expressed concern about their ability to be financially secure in retirement

·         65% expect they will have to work past retirement age to finance retirement

·         68% believe the average worker cannot save enough on their own to ensure financial security in retirement

Need more information?

To learn more about the AVMA Trust Retirement Plan or to schedule a personal consultation, email or call 888-310-7605.

More to discover

In addition to the association retirement plan, the AVMA Trust offers other group plans to help practice owners protect and support their employees:

·         Association Health Plan. Healthy employees are happy employees. Finally, veterinary practices of all sizes have access to an affordable group health plan for their teams. Plans are available in Arizona, Arkansas, Florida, Georgia, Illinois, Michigan, Montana, Nebraska, North Dakota, Oklahoma, West Virginia, and Wisconsin.

·         Employee Benefits Program.4 Give your employees extra peace of mind by providing them with a variety of group insurance plans and value-added services, including life insurance, short- and long-term disability insurance, an employee assistance program, estate guidance, and more.

What else does the AVMA Trust offer?

Discover all the benefits offered through the Trust to AVMA members. 


1Insiders’ Insights: Management Trends,” Veterinary Hospital Managers Association, February 2021

2Roth distributions are tax-free if taken after age 59½ and the account has been open for at least five years.

3Retirement Insecurity 2021: Americans’ Views of Retirement,” National Institute on Retirement Security, February 2021

4 This program is offered in partnership with The Hartford. All benefits are subject to the terms and conditions of the policy. Services are offered through vendors which are not affiliated with The Hartford and these services are not insurance. The Hartford is not responsible and assumes no liability for the goods and services described in this material and reserves the right to discontinue any of these services at any time. Service may vary and may not be available in all states.