Veterinary practice owners can start a 401(k) plan for themselves and their employees under a new retirement program from the American Veterinary Medical Association.
The AVMA Trust Retirement Plan is offered by way of financial services giant Transamerica, which in late September launched an initiative centered on small businesses nationwide.
“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,” said AVMA President Douglas Kratt, DVM.
Independent practice owners and self-employed veterinarians might be tempted to initiate a 401(k) plan.
“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,” the AVMA reported. “Single-employer plans — those available for small business owners — are usually more costly, present more risk for the employer and have limited portfolio options.”
More information is available by emailing AVMATrustRetirementPlan@transamerica.com or calling 312-596-5336.
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