Every month HR Professionals and Plan Administrators receive an email from the Fund that highlights important topics, information and/or resources. May 2023 News For Administrators Keep Officer Contact Information Updated in YERDI It is very important for us to have the most up-to-date contact information for your YMCA’s senior leaders (CEO, COO, CFO, Top HR Leaders, and CVO/Board Chairman) so that they can receive important Fund updates and news. Please visit the YMCA Officer Information Update in the Tools/Resources section of YERDI to make any changes. Accessing YERDI: Team Member Updates Have there been changes to your HR or administrative team recently? If so, make sure the proper team members have access to YERDI. If you have a new team member who requires YERDI access: Anyone on your team who currently has YERDI access may request a new team member login. Click on the ‘Applying for New YERDI Login’ tab in YERDI under the Home screen. Your CEO will receive an email from the Fund requesting their approval. Once the Fund receives your CEO’s approval, the new team member will receive an email from the Fund with login instructions. If you have a team member who no longer requires YERDI access: Always remember to have a team member’s YERDI access deactivated when they leave your Y or change positions. To do this, contact the Fund’s Customer Service Department at 800-RET-YMCA (800-738-9622). Remember, you should never share YERDI login information under any circumstance! March 2023 News For Administrators Now Available: Lifetime Income Tracker We’re excited to announce that the new Lifetime Income Tracker is now available for Plan Participants! This easy-to-use, intuitive tool was created to help Y staff better understand what lifetime income in retirement could mean to their financial futures. Participants can estimate what a monthly income payment could look like in retirement by combining current account information with Plan provisions. To access the Lifetime Income Tracker, Plan Participants will need to log in to their online account. It is also a great opportunity to sign up for an account if they don’t have one already. February 2023 News For Administrators Remind Your Staff about the Saver’s Credit Members of your staff that saved with the YMCA Retirement Fund’s 403(b) Savings Plan in 2022 may be eligible for the Retirement Savings Contribution Credit, or Saver’s Credit, when they file their taxes. The Saver’s Credit rewards mid- and low income taxpayers who are saving for retirement with a valuable credit that can either increase their refund or reduce the amount of taxes owed. The eligibility and the amount someone qualifies for varies depending on the retirement plan, adjusted gross income, filing status, and other factors. The maximum credit amount that a person may receive is $1,000 ($2,000 if married filing jointly). Read More about the Saver’s Credit. 1099-R Forms Now Available Form 1099-R tax documents are available online for those individuals that took a distribution in 2022 (they were also mailed to all recipients at the end of January). Account holders can log in to their online portal to view and print the form. January 2023 News For Administrators National Financial Wellness Month Help your staff put their future financial well-being on the right path. We just published a new article on our website that includes tips and resources to help your employees understand the value of the YMCA Retirement Fund, the Interest Credit and Annuity Conversion Rates for contributions to their Plans, and how they can achieve lifetime income in retirement. IRS Form W-2: What You Need to Know As you prepare your IRS Form W-2s for your staff, be sure you are properly reporting your staff’s reportable compensation in Box 1. The Fund utilizes a “safe harbor” definition of compensation that the IRS recognizes as non-discriminatory. This definition (used by most pension plans) ensures uniformity for all participants. Visit our website to learn more. Bonuses and Contributions Does your YMCA award bonuses or other lump sum financial incentives to your staff? YMCAs that award bonuses must make contributions to their eligible employees’ 401(a) Retirement Plans on that extra compensation. Participants are not required to have contributions made to their 403(b) Smart Account based on this amount and should provide their preference in writing if they wish to opt out. Visit our website to learn more.