Annual Reports

2019 Annual Report
Message from the CEO



AR2019 Highlights

It is an honor to have joined the YMCA family.

Becoming part of the worldwide, mission-driven YMCA Movement is very important to me. It’s an opportunity to take what I’ve learned in the pension and insurance worlds and apply these concepts to help support the people who wake up every day to strengthen their communities.

The YMCA Retirement Fund’s mission is to empower YMCA employees to achieve financial security, resulting in loyalty to the YMCA Movement. When you are secure financially, it’s easier to focus on helping other people strive to reach their wellness goals, helping kids learn and have fun, and building stronger, healthier communities.

Looking Back and Looking Forward

Having started at the Fund one week shy of the fiscal year ended June 30, 2019, I am pleased to present the work of the Fund’s staff and Board. The results accounted for in this report occurred under the strong leadership of John Preis, a true YMCA legend. His 19 years at the Fund were amazing, and he has been an invaluable resource for me as I took on my new role.

The Annual Highlights page presents key measures of the Fund’s work in both investment management and benefits administration. The Report of the CIO provides a concise commentary on our investment strategy and performance.

I am grateful for the trust bestowed upon me by the Board. It is inspirational to witness their dedication, service and passion for the YMCA Movement. I am thankful and honored to carry on the responsibility of and commitment to serving YMCAs and their employees.

Taking the Long-Term View

Shortly after starting at the Fund, I had the opportunity to meet hundreds of YMCA people in July 2019 at the General Assembly in Anaheim. Their passion for YMCA work and their trust in the YMCA Retirement Fund were the first and second things they communicated to me.

As the new CEO, I realize that the staff and Board of the Fund have worked hard to earn this trust. The responsibility to ensure that the Fund is stronger than ever for the long term is something I think about every single day.

Dedicated to the Promise

As a pension fund we make a promise to our participants: that we will provide a safe and secure way to save now, so they may look forward to lifetime income in the future when they retire. We’ve done this for nearly 100 years and plan to keep doing so as we approach our second century of service to YMCA people.

Dolfi Letter AR2019 

Scott Dolfi, President and CEO

Board of Trustees 

Trustees AR2019 Group Photo

Back Row, left to right: Angela Brock-Kyle, W. Kelvin Walker, D. Scott Luttrell,
Stephen A. Ives, William D. Rueckert, Mark Baumgartner, David M. Martin,
Barbara A. Bettin.

Front Row, left to right: Jurij Z. Kushner, Denise L. Day, Joseph R. Weist,
William A. Holby, Eric K. Mann, Christine C. Marcks, Robert T. Lutts,
Sandra J. Morander.


About Scott

Scott Dolfi became the Fund’s sixth president and CEO in late June 2019. Prior to joining the Fund, he worked for Guardian Life Insurance Company of America as chief operating officer. Before that, he worked for General Electric for 18 years. During this time, he spent eight years in London as the CEO of GE Life, a pension and annuity company.

Scott holds an MS in industrial and management engineering from Rensselaer Polytechnic Institute and a BS in engineering and management from Clarkson University.​