Avon Offers First Retirement Savings for Independent Reps

November 12, 2001 (PLANSPONSOR.com) - Avon Products has teamed up with MONY Benefits Service to introduce a retirement savings program for its 500,000 independent sales representatives in the United States.

Avon claims to be the first direct selling company to offer a retirement savings plan to its independent sales representatives.

MONY Benefits Service will sponsor the plan under a two-year exclusive agreement. MONY has formed an alliance with the Rochester, NY-based Burke Group, which will administer services for the representatives who participate in the plan.

Burke Group has developed an Internet-based platform to provide Avon independent sales representatives with the tools to implement and monitor the 401(a) retirement savings plan.

Plan Designs

The Avon plan offers a choice of investment funds from Fidelity Investments and MONY’s Enterprise Group of Funds, including:

  • Enterprise Money Market Fund A
  • Enterprise Government Securities Fund A
  • Enterprise Growth Fund A
  • Enterprise Small Cap Company Value Fund A
  • Enterprise Equity Fund A
  • Fidelity Advisor Growth & Income Fund A
  • Fidelity Advisor Large Cap Fund A.

Avon independent sales representatives must be in good standing with the company and actively selling for at least six consecutive sales campaigns to be eligible to enroll in the plan.