Governance Overview

The YMCA Retirement Fund was incorporated in New York in 1921 and is a 501(c)(3) not-for-profit corporation. As a church pension fund, the Fund is organized and operated for the purpose of providing retirement and other benefits for employees of participating YMCAs throughout the United States.

The Fund sponsors the Retirement Plan, which is a defined contribution, money purchase, church pension plan that is intended to satisfy the qualification requirements of Section 401(a) of the Code. The Fund also sponsors the Tax-Deferred Savings Plan, which is a church retirement income account plan as defined in Section 403(b)(9) of the Code. These plans are multiple employer plans under which YMCAs have elected to participate in order to provide retirement benefits for their employees.

The Fund is domiciled in the State of New York and is examined every five years by the New York State Insurance Department, with the last examination conducted for the fiscal year ended June 30, 2004.

Trustees

Members of the Board of Trustees are elected at the Annual Meeting of Participants, held every year in November. Trustees may serve a maximum of three 4-year terms. Fifteen talented men and women serve as trustees. Ten are YMCA volunteers, and five more are employed officers of a YMCA. Each has professional expertise in one or more of the following areas: investment management, law, employee benefits, communications, technology, and organizational strategy.

Senior Management

The CEO of the Fund, working with his six direct reports, provides senior management direction to the Fund’s staff. The Fund has responsibility for both benefits management and investment management.