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 AVMATrustRetirementPlan@transamerica.com 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.
1“Insiders’ 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.
3“Retirement 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.