Voluntary contributions made pre-tax by the employee through payroll deduction to the Tax-Deferred Savings Plan, plus interest credits. Taxes on the principal and earnings are deferred until distributions are received.
 

A condition that exists when the market value of the Fund's investments is less than its liabilities.
 

A benefit of equal value when computed upon the basis of the mortality tables and interest rates adopted by the Board from time to time.
 

A condition that exists when the market value of the Fund's investments is greater than its liabilities.
 

A person who computes premium rates, dividends and risks according to probabilities based on statistical records.
 

Additional contributions to the Retirement Plan, paid by the YMCA, for payroll dates prior to July 1, 2009, as determined by that YMCA's participation agreement. These amounts are fully vested.
 

Voluntary contributions made on an after-tax basis to the Retirement Plan prior to January 1, 2011, plus the interest credited.
 

Investments in private securities, venture capital, real estate and other non-traditional issues. These are higher risk securities that usually reward investors over the very long term.
 

The calendar date one year after the date of hire, and each year after that.

Example: Mark was hired on March 12, 2010. His Anniversary Date is March 12.
 

12 months of employment after the hire date.

Example: Mark was hired on March 12, 2010. His anniversary year ran from March 12, 2010 until March 11, 2011.

 

Retirement income that is paid on a regular schedule during a participant's lifetime (see Single Life Annuity) or during a participant's lifetime and his or her survivor's lifetime after the participant's death (see Joint & Survivor Annuity).
 

The interest factor used to calculate a life annuity at the time of retirement. Retirement annuities are calculated based on a person’s account balance(s), age (and the age of the survivor for the joint & survivor annuities), the annuity option selected, and this annuity interest rate.
 

A type of investment, such as stocks, bonds, or real estate.
 

The investment management strategy of choosing various asset classes—such as large cap domestic stocks, small cap domestic stocks, international stocks, US bonds and private equities—to achieve the best risk-return mix.
 

The market value of an investment portfolio.
 

A broad-based indicator of how similar investments are performing. The success of an investment is measured against a benchmark.
 

The person or organization designated by the participant as the recipient of benefits after death.
 

The amount of a participant’s wages while employed at a YMCA that is subject to federal income tax withholding or wage reporting (on IRS Form W-2). Compensation also includes pre-tax salary reduction amounts contributed by the YMCA to certain benefit plans on behalf of the employee.
 

Money sent to the YMCA Retirement Fund, either by an individual YMCA or as a payroll deduction or lump sum from an employee.
 

Lending to a private corporation. Bonds are issued at a particular interest rate and include a specific maturity date at which time the principal will be repaid.
 

Your current loan balance includes any remaining outstanding principal on your loan. It may also include interest on payments that are due, but not yet paid.
 

Money withdrawn by a terminated participant from any of their accounts, or sent to them as a result of a plan or IRS rule.
 

A 10% federal excise tax that applies to Plan participants who are under the age of 59½ and take a withdrawal from available accounts.
 

The requirements of the Retirement Plan that an employee must meet in order to participate.
 

Accounts where the money is contributed by the YMCA: YMCA Account, YMCA Account (Legacy), Additional YMCA Account and the Extra Additional YMCA Account.
 

The first of the month following the Anniversary Date after an employee meets the Plan's eligibility requirements. If the Anniversary Date is the first of the month, then the Enrollment Date and Anniversary Date are the same.
 

U.S. Department of Labor regulations for determining hours of service where a YMCA does not track hours worked. The method to be used is based on your YMCA's payroll frequency. Refer to Section 2.2(b)(iii) of the Retirement Plan Document for details.
 

The Employee Retirement Income Security Act of 1974, as amended. A federal law that protects the rights of participants and beneficiaries of pension plans and imposes fiduciary standards and duties on those who sponsor or administer such plans.
 

A one-time special benefit contribution paid by the Retirement Fund on July 1, 1989 to participants with five years or more of service. These amounts are fully vested. Although they earn interest, no contributions can be made.
 

A person or organization responsible for taking care of someone else's plan money, or responsible for plan administration per ERISA.
 

All contributions and interest in a YMCA Account or in a YMCA Account (Legacy) that a non-vested participant loses if they leave and do not return to active YMCA service within six years. The forfeited contributions are applied to their YMCA as credit, which the YMCA then uses to reduce its future YMCA contributions.
 

A type of savings account that allows people to save for current and future medical expenses on a tax-free basis. In order to be eligible to open an HSA, a person must be covered by a qualified High Deductible Health Plan (HDHP).
 

A type of medical insurance plan with a lower premium and a high deductible. An individual with a qualified High Deductible Health Plan (HDHP) may save in a Health Savings Account (HSA).
 

Generally each hour for which an employee is paid or entitled to payment from the YMCA for the performance of their duties.
 

A mutual fund that invests only in one of the several dozen funds used as standards of the industry, e.g. the Dow Jones Industrials or the Standard and Poors 500, and tries to mirror the performance of that fund.
 

The amount of earnings paid by the Retirement Fund on all account balances and credited daily. The interest credit is set by the Board, in its sole discretion.
 

Stock in corporations with operations primarily outside the U.S.
 

An annuity that will continue paying a percentage of the retiree's annuity to a survivor after the retiree's death. The percentage is based on the retiree's chosen annuity option.
 

Stock of corporations with large capitalization. Large cap stocks typically have outstanding market value of $5 billion or more.
 

An employee who performs services for a YMCA under a contract between a leasing organization and the YMCA.
 

The present value of future benefit distributions as determined by the actuary.
 

Stocks, bonds and short-term instruments that can easily be converted to cash.
 

An employee of a local YMCA who is responsible for processing Retirement Plan enrollment for eligible employees, and contributions for the local staff.
 

An annuity option that provides a monthly annuity for life. Upon death, there is no benefit from the participant's account balances to be paid to a survivor or beneficiary.
 

Investment results minus the cost of investing.
 

An employee of a YMCA who has met the eligibility requirements and has been enrolled in the Retirement Plan.
 

Accounts where money is contributed by the participant: Personal Account, 403(b) Smart Account, and Rollover Account.
 

Contributions to the Retirement Plan, paid by the participant (as determined by the individual’s YMCA’s participation agreement with the YMCA Retirement Fund), plus the interest credited. This Personal Account includes any contributions to the Retirement Plan paid by the YMCA on behalf of the participant for payroll dates prior to July 1, 2009.
 

The 12 consecutive-month period on which Retirement Plan and Savings Plan records are kept. The Plan Year begins on July 1 and ends on the following June 30.
 

Total combined investment owned by an individual or organization.
 

An employee of a YMCA who is not yet eligible to participate in the Retirement Plan.
 

Class of capital stock that pays dividends at a specified rate and has preference over common stock in the distribution of dividends and the liquidation of assets.
 

A benefit paid to the beneficiary when a participant dies before starting their annuity. If the participant dies while employed by a participating YMCA, the benefit will be the greater of $10,000 or the sum of the Personal Account (paid by either the participant or the YMCA), the YMCA Account, and YMCA Account (Legacy). If the participant was not employed by a participating YMCA at the time of death, the benefit paid will be the sum of their vested accounts. Regardless of the participant's employment status, a beneficiary is also entitled to any monies in the participant's voluntary and additional accounts.
 

An annuity option that provides you with a monthly annuity for your lifetime. If you die prior to having received the amount of your total balances at the time you retired, your beneficiary will receive the remaining amount.
 

A court order relating to divorce that meets certain legal requirements. It is approved by the plan administrator and requires a portion of a participant's benefit to be set aside for an alternate payee. An alternate payee may be a child, former spouse, or other dependent of a participant.
 

Assets needed now that equal the present value of future benefit distributions as determined by the actuary.
 

The legal document that defines the terms and conditions of a YMCA’s participation in the Retirement Plan and Tax-Deferred Savings Plan.
 

An amount that is set aside at the time of retirement for use as a death benefit. The amount of the Retired Death Benefit is equal to the first year’s maximum annuity based solely on the contributions to the Personal Account, YMCA Account and YMCA Account (Legacy).
 

The age at which a participant chooses to begin receiving their annuity. The earliest retirement age is 55.
 

The first day of the month when a participant chooses to begin their annuity. The retirement date must be after they sever YMCA employment. Example: John is age 62 and his last working day at the YMCA is October 11, 2012. He may choose a Retirement Date anytime on or after November 1, 2012.
 

A defined contribution, money purchase, church pension plan sponsored by the YMCA Retirement Fund.
 

Retirement savings transferred to the Tax-Deferred Savings Plan from an eligible employer plan under IRS Code Section 401(a), 401(k), 403(a), 457(b), a tax-sheltered annuity under IRS Code Section 403(b) or a Traditional IRA, or tax-deferred money from a SEP IRA or a SIMPLE IRA plan (that has been established for at least two years). Prior to March 2003, rolled over amounts were deposited in the Retirement Plan.
 

The Tax-Deferred Savings Plan, a 403(b) plan sponsored by the YMCA Retirement Fund, which offers all YMCA employees a way to save additional money.
 

An annuity payable for the Participant’s lifetime only, with no survivor benefit.
 

Stock of corporations with small capitalization, usually with an outstanding market value between $200 million and $2 billion.
 

Amounts paid in addition to a retiree's regular monthly annuity payments if and when voted by the Board of Trustees.
 

A person of the opposite gender who is married to the participant.
 

Your Stop work month should be the month in which you plan to stop working for the YMCA. This month cannot be later than the month prior to your planned retirement date.
 

The target distribution of investments set by an investment committee.
 

A period of up to six years during which a terminated participant may return to YMCA employment and resume participation immediately.
 

A participant's right to ownership of amounts in their accounts under the Retirement Plan and the Savings Plan.
 

A 403(b) Smart Account, Rollover Account, or any After-Tax Account.
 

Money elected by a participant to be taken out of an account.
 

The YMCA Electronic Retirement Data Interchange is the web-based application that enables YMCAs to enter and maintain compensation and contribution data pertaining to their employees' participation, and to transfer that information electronically to the YMCA Retirement Fund.
 

Contributions to the Retirement Plan, paid by the YMCA, for payroll dates on or after July 1, 2009, determined by the individual YMCA's participation agreement with the YMCA Retirement Fund, plus the interest credited.
 

Contributions to the Retirement Plan, paid by the YMCA, for payroll dates prior to July 1, 2009, determined by the individual YMCA's participation agreement with the YMCA Retirement Fund, plus the interest credited.