Annual Reports

2019 Annual Report
Message from the Chairman

 

As chairman of the YMCA Retirement Fund’s Board of Trustees, it is my privilege to present the Fiscal Year 2019 Annual Report. This marks my last year on the Fund’s Board, so it is an especially poignant time for me. As I look back on my opportunity to serve the YMCA Retirement Fund as a trustee since 2004, this is unquestionably the culmination of my work with the YMCA Movement. What a blessing it has been!

I joined the Fund’s Board at a key point in its history: 2004 was the year the Fund’s Church Plan status was clarified through legislation passed by the U.S. House and Senate and then signed into law by President George W. Bush.

Since that year, the Fund has grown from 75,000 to over 115,000 participants, with assets under management nearly doubling, from $3.7 billion to $7.1 billion.

Strengthening Communities

More than 25 years ago I joined the Board of the YMCA of Metropolitan Atlanta, and I was privileged to witness first-hand how the work of YMCA staff, working hand-in-hand with volunteers, can transform a community. In support of that community-building across the country, the YMCA Retirement Fund was conceived almost 100 years ago with the same promise that we make today: We will provide YMCA staff with a safe and secure way to save, resulting in lifetime income upon retirement.

The trustees of the Fund spend countless hours fulfilling their fiduciary duties as they oversee the YMCA Retirement Fund. This year, we were pleased to welcome a new member to our Board, Christine Marcks.

A Momentous Year

Fiscal Year 2019 was a momentous year for the Fund: We said goodbye to our dear friend and CEO of 19 years, John Preis, and welcomed Scott Dolfi as John’s successor. It’s amazing to consider that Scott is only the sixth CEO of the Fund since it was established in 1922.

John retired after a stellar 37-year career as a leader in the YMCA Movement. We will always be grateful to John, not only for his management skills, financial acumen, and strategic vision but also for his heart, which always put the YMCA mission and its people first.

Scott is a highly experienced and effective general manager in the sectors of insurance, pensions and annuities. In addition to his wealth of experience and technical skills, Scott is passionate about helping YMCA staff achieve financial wellness as they dedicate their lives to empowering youth, improving family health, and strengthening communities. We are excited to begin our work alongside Scott. 

The Fund’s Promise

As the Fund approaches its centennial, my colleagues on the Board and staff of the Fund remain dedicated to empowering YMCA staff to achieve financial security, now and in their future.

AR2019 Holby Letter

William A. Holby, Chairman