As Chairman of the YMCA Retirement Fund’s Board, it is my privilege to present the Fiscal Year 2016 Annual Report. I am humbled and honored to work alongside a group of dedicated Trustees and the exceptional leadership team of the Fund to serve all YMCA employees nationwide.
No year is without its challenges, and this one certainly had its share. The investment markets continue to be impacted by low returns and high volatility. Nonetheless, we have been through difficult seasons before and, as long-term players in the market, have learned the importance of remaining disciplined in our investment philosophy. We remain absolutely committed to helping YMCA employees achieve economic security while keeping your savings safe.
The Board of Trustees
The Fund is governed by thoughtful, successful professionals who bring both competence and character to the deliberative process. This year, we welcomed two new members to our Board: Angela Brock-Kyle and Joseph R. Weist. Their unique insights and perspectives strengthen our pledge as Trustees to advance the YMCA Movement.
Angela brings to us significant depth of knowledge and expertise in asset, operations and risk management. She spent 25 years with TIAA, and currently is the founder and CEO of B.O.A.R.D.S., a privately held governance, strategy and risk advisory firm.
Joe is a dedicated Y professional, having served more than 20 years with the YMCA. In addition to his current role as Chief Financial Officer of the YMCA of Greater Hartford, he is a national trainer for YMCA of the USA.
Angela and Joe join a Board of Trustees that is highly dedicated and selfless in their volunteer service. These Trustees take significant time away from their careers and families to do the important work of governing the Fund. In fulfillment of their fiduciary obligations, our Trustees served more than eleven days this year with a 97% attendance rate. They do this year-in and year-out because of their commitment to serving the YMCA. You will find all of their biographies in this report, and I invite you to read more about them.
Strength in a Long-Term Strategy
Despite the challenges posed by the current investment environment, the Fund remains focused on its long-term strategy. In our 94-year history, account balances have never gone down, nor has the Fund missed an annuity payment to a retiree. Reliably meeting this commitment to YMCA professionals is a great source of pride for the Fund, and drives us to seek excellence in all that we do.
Please know that, as the Fund’s team of experts continues to adapt in the midst of these changing times, our inspiration and motivation are each of you – the men and women of the YMCA who are truly making a difference in the lives of kids, families and communities across our country.
William A. Holby, Chairman
[Standing: L to R] D. Scott Luttrell, Robert T. Lutts, William D. Rueckert, Stephen A. Ives, Mark Baumgartner, William A. Holby, David M. Martin,
Denise L. Day
[Seated: L to R] Eric K. Mann, Carmelita Gallo, Barbara A. Bettin,
Georganne F. Perkins, Angela Brock-Kyle, Jurij Z. Kushner, Joseph R. Weist
[L to R] Eric K. Mann, Vice Chairman; William A. Holby, Chairman; John M. Preis, President and CEO