Every month HR Professionals and Plan Administrators receive an email from the Fund that highlights important topics, information and/or resources. July 2024 NEW: Document Uploader for Participants We’re excited to share that a new self-service feature has been added to Participants’ online account portal. Document Uploader gives your staff who are enrolled in Y Retirement the ability to directly upload supporting documents and forms that need to get to Y Retirement through their online account portal. They no longer have to fax or mail them to us! To access this feature, Participants can log in to their online account portals at www.yretirement.org, and select Document Uploader from the menu on the left. Please Note: Document Uploader cannot be used to upload 403(b) Savings Plan enrollment forms. You must follow the current process for creating a 403(b) contract for changes or enrollments in the Savings Plan in YERDI. Coming Soon: Non-Discrimination Coverage Testing In the coming weeks, we will share information on this year’s Non-Discrimination Coverage Testing form and process. As a reminder, this is an annual requirement for all YMCAs that participate in Y Retirement. You can prepare by ensuring that your pay roll uploads through June 30, 2024 are accurate and up to date in Eligibility Tracking (if you use this service). Stay tuned! June 2024 The New Learning Center is Live! We’re excited to share that Y Retirement’s new Learning Center is available. You and your employees who are enrolled in Y Retirement can access it by logging in to the online account portal at www.yretirement.org. Check your email for further details! Camp season is here! Remember the Equivalency Rule The Equivalency Rule applies to those employees whose hours cannot be counted. (e.g. contract or summer camp workers). They are automatically credited 190 hours per month. However, if your payroll file contains hours for these employees, the Equivalency Rule is overridden, and the hours from your pay file are recorded. To apply the Equivalency Rule to your applicable employees in YERDI, you must check (or uncheck if appropriate) the Equivalency Rule box as needed under View/Edit Employees on the Main Menu. Click here to go to YERDI. 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 Y Retirement requesting their approval. Once we receive your CEO’s approval, the new team member will receive an email from Y Retirement 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 Y Retirement’s Customer Service Department at 800-RET-YMCA (800-738-9622). Remember, you should never share YERDI login information under any circumstance! May 2024 Changes Coming to the Virtual Sessions Lineup We’re making a few changes to our virtual session lineup this summer. June will be the final month that we offer The 403(b) Savings Plan: Roth is Here! virtual session. We encourage your employees to register for Understanding Your YMCA Retirement Fund Benefit which already includes information about the Roth Account, or visit our website for additional resources. Beginning in July, Retirement Strategies: Creating Your Plan will be divided into two 90-minute sessions that cover much of the same content as the current three-hour format, but provide added flexibility for those who might not be able to dedicate three hours in one sitting. The process to register for virtual sessions will change beginning with the July sessions. More information will follow next month. Stay tuned! Time for Spring Cleaning: Update Personal Contact Info With the recent launch of our new mobile app, and Annual Benefit Statements coming out this summer, now is the perfect time for your employees to log in to their online accounts and confirm that their personal information is current and accurate. We will also share this message with Plan Participants in the coming weeks, but we encourage you to help us spread the word! Video Resources at Your Fingertips Y Retirement has lots of resources that you can use to help educate your employees about the unique retirement benefit that you provide. Here are some videos you can share with staff. If you need a different file format other than the Vimeo link, please contact marketing@ymcaret.org. Need a great intro video about Y Retirement that is less than 2 minutes long? Click here. Need a video that can be used as a recruiting resource? Visit the Tools/Resource section of YERDI for two options depending on your Y’s contribution rate model. February 2024 1099-R Form Availability Form 1099-R tax documents are available online for those individuals that took a distribution in 2023 (they were also mailed to all recipients in January). Account holders can log in to their online portal to view and print the form. Questions about the Roth Account? Contact Us! If you have any questions about administering the Roth Account to your staff, please don’t hesitate to reach out! We have resources specifically for Local Plan Administrators available in YERDI to help answer your questions, or call us at 800-RET-YMCA (800-738-9622), Mon-Fri, 9:00am – 5:00pm ET. Tax Time: 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 2023 may be eligible for the Retirement Savings Contribution Credit, or Saver’s Credit, when they file their taxes. The Saver’s Credit rewards saving for retirement with a valuable credit that can either increase their refund or reduce the amount of taxes owed. The eligibility and the credit amount someone qualifies for varies depending on the retirement plan, amount contributed, adjusted gross income, filing status, and other factors. Read More about Saver’s Credit on the IRS website.