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A 10% federal excise tax that applies to Plan participants who are under the age of 59 1/2 and take a withdrawal from available accounts.
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The requirements of the Retirement Plan that an employee must meet in order to participate.
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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.
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The U.S. Department of Labor has 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.
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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.
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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.
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