You Asked...

7/15/2009
	Bob Hastedt, Director of Education at the YMCA Retirement Fund, answers your questions.

What should I be looking for on my 2009 Benefits Statement?

Your Benefits Statement contains a lot of information that will help you to track your continued progress towards your retirement goal. We’ve labeled this information A, B, C, D, E and F in the example.

If you are not yet eligible for the Retirement Plan but have made voluntary contributions to a
403(b) Smart Account or have rolled over money from another plan, you will have a similar Benefits Statement containing sections A, B, E and F. If you no longer work for a YMCA, your statement will include sections A, B, D, E and F.

All mailings from the Fund are sent to you at your home address. Make sure the listed address is correct. If you ever move, make sure to notify the Fund of your new address. You can do this by emailing us at update@ymcaret.org or calling our Customer Service representatives at 800-RET-YMCA, Monday through Friday, 8:45AM to 6:00 PM Eastern Time.
The “Personal Information” section has your Fund I.D. number, which is needed the first time that you sign onto our website. Using your Social Security number and your Fund I.D. number, you can create a Username and Password so you can view your account balances and use the Annuity Estimate calculator to help you plan for your retirement.

This section also lists your marital status and contact information including your email address. The Fund sends you monthly updates electronically, so it’s important to keep your email address current. If any personal information is incorrect or not listed, please email us at update@ymcaret.org or call our Customer Service representatives at 800-RET-YMCA, Monday through Friday, 8:45AM to 6:00 PM Eastern Time.

The primary beneficiaries that you have named are also listed. If you’ve named more than six primary beneficiaries, you can contact our customer service staff for the details of your beneficiary designation. If you have not named any beneficiaries, your beneficiary becomes your estate.
The “Your Account Contributions” section shows how much your YMCA is contributing to the Retirement Plan and, if you are required to make contributions, how much you are contributing to the Plan. (The percentages listed here do not include any voluntary contributions you may have chosen to make.)
The “Your Account Balances” section starts with a list of your accounts in the Retirement Plan. It also provides information about contributions received and interest credited from July 1, 2008 through June 30, 2009. (If you’re unsure of what these account names stand for, see our glossary.)

If you should leave YMCA employment, all of the money in your accounts in the Retirement Plan, except for the YMCA Account, is available for withdrawal (The YMCA Account may only be withdrawn if it has a balance of $25,000 or less at the time you leave the Y). Remember, if you withdraw money from the Fund and don’t roll it over to another retirement account, you may be subject to taxes and penalties. As long as your total account balances (excluding rollovers) in the Retirement Plan are more than $5,000 when you leave YMCA employment, you will not be required to withdraw any of these accounts. You can choose to leave them with the Fund to continue earning interest credits, and they will be part of your annuity at retirement.
The next part of the “Your Account Balances” section lists the accounts you have in the Tax-Deferred Savings Plan. All of the money in these accounts is available for withdrawal if you should leave YMCA employment. As long as your total account balance (your 403(b) Smart Account and any rollovers) is more than $5,000 when you leave YMCA employment, you will not be required to withdraw any of these accounts. If you are working for the YMCA, you may borrow against the money that you have in this plan. If you have taken a loan against these accounts in the past year, you will have a “Deductions” column for the amount of your loan, along with the columns for the contributions received and interest earned.
The “Your Retirement Savings Total” section provides you with an overview of the growth in your retirement accounts over the past year. It’s important to remember that your retirement savings in the Fund’s plans grow in both good times and bad.

If you have any questions about your statement, feel free to contact our Customer Service representatives at 800-RET-YMCA, Monday through Friday, 8:45AM to 6:00PM Eastern Time.

Need more information? Go to FAQs, where you'll find an up-to-date list of answers to more than 150 frequently asked questions about the Fund.

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