Introducing The AVMA Trust Association Retirement Plan
A Complete, Cost-effective, Turnkey Retirement Solution for members.
As a member of the AVMA, you now have the opportunity to provide your employees with a new kind of retirement solution. This robust solution helps take the heavy lift of daily administration off your plate giving you the time back to focus on what is most important, building your practice.
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Who we are
The AVMA Trust has been serving AVMA members for over 60 years with insurance solutions, group benefits, and risk-management resources available exclusively to members through AVMA PLIT and AVMA LIFE. Designed by veterinarians for veterinarians, our offerings help protect what matters most: your profession, your practice, your family, and your team.
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Continue on to learn more about the benefits of participating in the plan.
A retirement plan solution designed specifically for members of AVMA
Being part of AVMA, you can help your employees maximize their potential for retirement planning. This plan is designed to help save time and simplify plan administration for your practice. By participating in the AVMA Trust Association Retirement Plan you gain the expertise, knowledge, and capabilities from a team of dedicated professionals to reduce your fiduciary risk all while helping helping improve retirement outcomes for your employees.
Attract & retain
A retirement plan solution to help attract & retain top talent
Employers are turning to offering a retirement plan to help improve workforce retention and productivity. Current employee retention and attracting new talent are two important reasons organizations offer retirement plans.
The AVMA Trust Association Retirement Plan is dedicated to helping employees save for retirement. That’s why they’ve chosen Transamerica to provide a robust participant experience for those participating in the program. With Transamerica, your employees will have access to an extensive array of onboarding services and educational resources.
Administrative
Responsibilities
The 90% Advantage with The AVMA Trust Association Retirement Plan
A major DIFFERENTIATOR of the AVMA Trust Association Retirement Plan for you as a participating employer is the reduced administrative tasks you have to perform on your qualified retirement plan
YOUR RESPONSIBILITIES WITHOUT The AVMA TRUST association Retirement Plan
- [3(38) Investment Manager Appointment]
- 402(g) Limit Reporting
- 404(a)(5) Notice Distribution
- 404(c) Notice Distribution
- 408(b)(2) Notice Distribution
- Annual Discrimination &
Coverage Testing - Annual Fee Negotiations
With Vendors - Audit Completion Support
- Audit Firm Hiring & Monitoring
- Auto Enrollment Notice Distribution
- Beneficiary Designation Form Maintenance
- Beneficiary Determinations
- Blackout Notice Distribution
- Census Review
- Corrective Distributions
- Death Benefit Approval
- Distribution Reporting
- DOL and IRS Issue
Resolution Assistance - Eligibility Calculations
- Eligibility Notifications
- Employer Contribution Monitoring
- Plan Document Preparation
- ERISA Bond Review
- Error Correction Monitoring
- Fiduciary Insurance
Coverage Review - Force Out Processing
- Form 5330 Preparation
- Form 5500 Preparation,
Signing, & Filing - Form 8955 Preparation,
Signing, & Filing - Fund Change Notice Distribution
- Hardship Withdrawal Approval
- Loan Approval & Reporting
- Loan Default Monitoring
- Loan Policy Administration
- Lost Earnings Calculations
- Participant Enrollment Assistance
- Payroll Aggregation
- Payroll File Aggregation
- Plan Design Review
- Plan Document Preparation
& Archiving - Plan Irregularity Notification
- QDIA Notice Distribution
- QDRO Determinations
& Reporting - Quarterly Investment
Review Meetings - Rate Change Monitoring
& Reporting - Required Minimum Distributions
- Safe Harbor Notice Distribution
- SAR Production & Distribution
- SMM Notice Distribution
- SPD Production & Distribution
- Spousal Consent Approvals
- Termination Date Verification
& Maintenance - Termination Withdrawal Approval
- Trustee Duties
- Review & Process Payroll Files
- Vesting Verification & Tracking
- Year End Data Collection
& Review
VS
YOUR RESPONSIBILITIES WITH The AVMA TRUST Associtaion Retirement Plan
- Year-End Data Collection
- Upload Payroll Files
- Monitor Service Providers
THE AVMA TRUST ASSOCIATION RETIREMENT PLAN TAKES ON OVER 90% OF THE RESPONSIBILITIES
An employer who sponsors a retirement plan for their employees has overriding fiduciary responsibility for the plan. This solution allows the employer to outsource that responsibility to the highest degree.
Participant Experience
Transamerica helps personalize the experience for employees right from the start.
Driving Participant Success
An easy-to-understand forecast generated by the underlying methodology provided by Morningstar. Using simple weather icons, it shows participants if their current investment strategy is likely to produce the income they’re seeking in retirement and offers steps to improve their chances of achieving their goals. Your Retirement Outlook® is featured prominently on the participant website, mobile app, and quarterly statements.
Let the AVMA Trust Association Retirement Plan work for your practice
Removes Pressure
Takes pressure off your internal administrative resources and allows you to use those resources elsewhere
Investment Management Support
Uses an efficient investment selection process with an all zero-revenue investment lineup from an investment professional.
Plan Design
Streamlines key plan design features, leveraging best practices
Work with Administration Professionals
Outsources administration responsibility to TAG Resourcees and their administrative professionals
We Make It Simple
Employers don’t want to be 401(k)/403(b) experts. TAG Resources oversees plan set-up, implementation, monitoring, enrollment, and other duties.
Fiduciary Protection
Employers don’t want to be at risk. By shifting administrative and certain named fiduciary duties, employers can mitigate most defined legal obligations and responsibilities.
Compliant
Employers don’t want fines or penalties. TAG Resources processes are developed to administer plans to be DOL and IRS compliant.
Well Known Providers
Employers want to work with industry leaders. The AVMA Trust Association Retirement Plan combines industry-leading professional service providers for “end to end” retirement plan oversight, including robust tools and resources for employees.
Cost Effective
Employers don’t want to overpay. The AVMA Trust Association Retirement Plan is built on a pooled pricing model and often costs less than other programs offering fewer comprehensive services.
Key Partnerships
The collective team is committed to helping you by managing retirement plan responsibilities:
The AVMA Trust
The AVMA Trust has been serving AVMA members for over 60 years with insurance solutions, group benefits, and risk-management resources available exclusively to members through AVMA PLIT and AVMA LIFE. Designed by veterinarians for veterinarians, our offerings help protect what matters most: your profession, your practice, your family, and your team.
TAG Resources
TAG Resources is the Plan Administrator and a Named Fiduciary, as defined under ERISA sections 402(a), 3(16), and 3(21). It is our job to perform all functions necessary to keep your plan compliant.
As such, TAG Resources is responsible for the day-to-day operations of your plan. The functions we perform on your behalf include: the signing and filing of the Form 5500, QDRO determinations, service of legal process related to the plan, plan operations, participant claims and appeals, distributions, beneficiary determinations, including any related extensions to the plan.
Transamerica
Transamerica is an industry leading recordkeeper with over 20 years of experience with pooled arrangements. Their time-tested recordkeeping technology offers a proven infrastructure allowing for pooled arrangements, ensuring a plan will be administered successfully and accurately for the plan participant’s transition to retirement.
Have Questions?
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Important: The projections or other information generated by the engine (which produces Your Retirement Outlook®) regarding the likelihood of various investment outcomes are hypothetical, do not reflect actual investment results, and are not guarantees of future results. Results derived from the tool may vary with each use and over time.
Before adopting any plan sponsors should carefully consider all of 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.
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 fiduciary responsibility for selecting and monitoring the MEP provider. Adopting employers of a MEP must share a commonality —a connection among the adopting employers such as a trade, professional organization, or PEO – and the MEP is treated as a single plan. A violation of the qualification rules by an adopting employer would not affect the qualified status of the plan as a whole (known as the “one bad-apple” rule or the “unified plan” rule) provided the plan document addresses how to spin-off a non-compliant employer.
Securities offered through Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue, Harrison, NY 10528. All Transamerica companies identified are affiliated, but are not affiliated with any other organization referenced. Logos and trademarks are the intellectual property of their respective organizations.
TAG Resources, Inc., is a wholly owned subsidiary of Transamerica, but there are no other affiliations between the two and any other organization referenced.
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