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November 9, 2001
By: TOM BRANNA
Editor
Avon Products, Inc., in conjunction with MONY Benefits Service Corp., today launched a retirement savings program that will enable its 500,000 independent sales representatives in the U.S. to save a portion of their earnings in a tax-deferred retirement plan. Structured as a 401(a) retirement savings plan, it offers individuals a convenient way of saving for retirement by investing their earnings on an after-tax basis.Avon said it is the first direct selling company to offer a retirement savings plan to its independent sales representatives.“Avon is proud to be the first company in our industry to offer this valuable savings plan to help our independent sales representatives prepare for their financial future,” said Andrea Jung, Avon chairman and chief executive officer. “In addition to providing a variety of outstanding career opportunities for entrepreneurial women, now we also enable them to plan and invest for their retirement. This is another way to enhance our relationship with our most valuable resource, the Avon sales representative.”The Avon plan offers a choice of investment funds from Fidelity Investments and The Enterprise Group of Funds. Avon independent sales representatives can contribute, in accordance with the plan’s guidelines, a portion of their after-tax earnings every two-weeks in some or all of the seven investment choices. 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.
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