Veterinarians have never seemed busier than they are today. Quarantine-inspired pet adoptions have created a greater demand for companion-animal veterinary services.1 Even before the pandemic, hundreds of U.S counties were underserved by veterinarians who could treat small animals, as well as livestock, horses, bulls, and cows.2
As you work to address the demands for veterinary care in today’s environment, it’s also important to consider your own financial future. A sound retirement plan can help provide a sense of financial stability — something that has been short supply for many in the wake of COVID-19. Plus, it can allow you to focus on what matters most: your dedication to your work in the field.
The AVMA Trust Retirement Plan
Recognizing the need to address future financial needs, the AVMA Trust — in partnership with Transamerica, TAG Resources, and Envestnet — is sponsoring a new association retirement plan designed specifically for veterinarians who are self-employed or work as independent contractors. The AVMA Trust Retirement Plan offers an array of benefits, including:
· A large selection of investment options
· The ability to customize the plan portfolio to meet your unique savings goals
· A dedicated employer website with quantitative and qualitative insights and reports
· Education, including online tools and resources
· Personalized consulting services
· Support and training from financial advisors
Most importantly, the AVMA Trust Retirement Plan offers you the opportunity to better meet your financial objectives for retirement. Whether you already have a 401(k) plan in place or wish to convert your existing simplified employee pension (SEP) or SIMPLE IRA, we encourage you to consider the advantages of the AVMA Trust Retirement Plan.
While SEPs and SIMPLE IRAs offer small business retirement plan solutions, the benefits of a 401(k) are clear:
· Increased flexibility
· Higher contribution limits
· Opportunity to maximize contributions
· A way to potentially avoid high withdrawal penalties found with SEP/SIMPLE IRAs
· Loan availability, which allows participants to borrow against the vested balance of their plan account
So, whether you’re considering a retirement plan for the first time or wish to evaluate converting your existing plan to the AVMA Trust Retirement Plan, we can help you to make an informed decision.
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
To learn more about the program or to schedule a personal consultation, email AVMATrustRetirementPlan@transamerica.com or call 888-310-7605.
What else does the AVMA Trust offer?
Discover all the benefits offered through the Trust to AVMA members.
1 “Are pet adoptions really skyrocketing?,” JAVMAnews, American Veterinary Medical Association, January 15, 2021
2 “Call the Vet! Rural Veterinary Medicine Is Struggling,” Agriculture.com, June 2019
3 “Retirement Insecurity 2021: Americans’ Views of Retirement,” National Institute on Retirement Security, February 2021
While a multiple employer plan (MEP) arrangement offers adopting employers the ability to delegate fiduciary functions to the MEP provider, employers should be aware that they still retain the fiduciary responsibility for selecting and monitoring the MEP provider. Because a MEP is treated as a single plan, a violation of the qualification rules by an adopting employer could affect the qualified status of the plan as a whole. In order to be treated as a single plan under the qualification rules, the adopting employers of a MEP must share a commonality —a connection among the adopting employers such as a trade or professional organization.
Before adopting any plan, sponsors should carefully consider all the benefits, risks, and costs associated with a plan. Information regarding retirement plans is general and is not intended as legal or tax advice. Retirement plans are complex, and the federal and state laws or regulations on which they are based vary for each type of plan and are subject to change. In addition, some products, investment vehicles, and services may not be available or appropriate in all workplace retirement plans. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.
All companies identified are separate and unaffiliated organizations.