Potential New Member Benefit – Group 401K Retirement Plan

To:       Georgia Academy of Family Physician Members – Life, Active, Supporting and Residents

From:  Donald L. Fordham, MD, FAAFP – President

Re:  Potential New Member Benefit – Group Retirement Plan

The leadership of the Georgia Academy are constantly seeking ways to support our members with ongoing benefits to enhance your practice, career and support your patients.  We would appreciate your participation in this survey, if you have a retirement plan, would like to participate in a retirement plan – and would like to reduce costs and administrative hassle by joining forces in a multiple employer plan.

The Georgia Academy of Family Physicians is considering establishing a Multiple Employer 401(k) Plan or MEP for its members who are business owners.  The goal of the GAFP MEP would be to allow Academy members to join forces to:

– Simplify plan administration
– Lower record-keeping costs by combining assets with other members plans
– Reduce fiduciary liability by using 3rd party plan level fiduciaries for investment selection and monitoring as well some administrative functions.
– A MEP with a larger asset base would potentially have access to investment options not available to smaller retirement plans

In order to see if a Georgia Academy of Family Physicians Multiple Employer 401(k) Plan would be viable we are collecting some additional information from our members. Please complete the following survey by July 22nd  so our Board will have the information it needs to pursue this further.  If you have already responded – no need to complete the 3 minute survey again.

Click Here to Complete Survey.

Recent Articles About the Need for Retirement Savings for Physicians:

https://www.ama-assn.org/practice-management/career-development/early-retirement-5-factors-physicians-should-evaluate

https://www.physicianleaders.org/news/when-physicians-plan-for-retirement-saving-is-only-one-consideration

https://money.usnews.com/money/retirement/401ks/articles/2018-09-13/5-benefits-of-a-401-k-plan-you-havent-considered