Every month HR Professionals and Plan Administrators receive an email from the Fund that highlights important topics, information and/or resources. November 2023 Ready for Roth? January is Right Around the Corner! The 403(b) Savings Plan is expanding on January 1, 2024 to include a new Roth Account and Roth Rollover Account. Make sure your Y is ready to begin accepting contributions in the New Year. Log on to YERDI and navigate to the Tools & Resources section. Then scroll to “Roth -Things to Know” for helpful resources that you as your Y’s LPA can use to get ready for January 1! Need a staff resource? We just posted a new 4-minute video for you to share with your staff to help them understand this exciting new offering. Now Available: 2024 Transmittal Calendar The 2024 Contribution Transmittal Calendar is now available in YERDI and on our website. Click here to directly access the calendar, and visit our website for additional information on your responsibility as the Local Plan Administrator to ensure timely remittance of contributions. If you have any questions, please contact the Fund’s Y Relations team at email@example.com. The Fund’s Online Loan Application System Has a New Look! The Fund is excited to share that its online Loan Application system has been updated for Plan Participants. Now when Fund Participants log in to their account at www.yretirement.org and select “Apply for Loan” from the left-hand navigation, they will see a re-designed interface that makes it easy to see how their loan re-payments may be impacted based on the loan term. Participants will also be able to easily e-sign supporting documents within the system to make the approval process more efficient. October 2023 Registration is Open for November Virtual Education and Roth Sessions Your staff can now register for virtual education sessions in November. There’s something for everyone who is looking to learn more about the Fund – whether they’re new to the Y (Understanding Your YMCA Retirement Fund Benefit), getting closer to retirement (Retirement Strategies: Creating Your Plan), or just interested in the new Roth Account (The 403(b) Savings Plan: Roth is Coming!). We will email all Plan Participants about November registration soon, but feel free to pass this information to your staff in the meantime! Only 3 Weeks Left to Complete the Non-Discrimination Coverage Testing Form Time is running out to complete the Non-Discrimination Coverage Testing form. This is an annual requirement for all Participating YMCAs for the Plan year ending June 30. Please complete the process as soon as possible if you haven’t done so already, and notify the Fund if you fail the testing by October 31, 2023. The Form and Instructions are located in the Home screen of YERDI. Click here to log in to YERDI. Now Available: 2023 Annual Report The Fund’s 2023 Annual Report, for the Fiscal Year ending June 30, 2023, is now available online. The Report highlights the Fund’s commitment to our long-term goal, and features reports from members of the Fund’s senior leadership team including President & CEO Michael Cefole. Click here to access the Annual Report. September 2023 Time is Running Out: Complete the Non-Discrimination Coverage Testing Form by 10/31/23 The YMCA Retirement Fund requires all participating YMCAs to complete a Non-Discrimination Coverage Testing form annually for the Plan year ending June 30. Please complete the process as soon as possible if you haven’t done so already, and notify the Fund if you fail the testing by October 31, 2023. We encourage you to keep a copy of the form for your records should your YMCA be audited in the future. The Form and Instructions are located in the Home screen of YERDI. IRS Delays Roth Catch-up Contribution Rule The IRS recently announced that it will delay the requirement that individuals making more than $145,000 in wages in 2023 must make their Age 50 Catch-up contributions on a Roth basis. The Roth catch-up mandate, originally scheduled to take effect on January 1, 2024, will now be delayed until January 1, 2026. If you have any questions, please contact us. Don’t Miss Out: New LPA Resources on YERDI Local Plan Administrators (LPAs) play an integral role in bringing the YMCA Retirement Fund benefit to the Y Movement. The Learning Hub on the Home tab of YERDI has a library of new resources to help you and other LPAs navigate the benefit administration process. Check them out! August 2023 News For Administrators Complete the Non-Discrimination Testing Form by 10/31/23 The YMCA Retirement Fund requires all participating YMCAs to complete a Non-Discrimination Coverage Testing form annually for the Plan year ending June 30. The process has changed for this year! You are no longer required to submit your completed form to the Fund. We simply ask that you complete the process, and notify the Fund if you fail the testing by October 31, 2023. We encourage you to keep a copy of the form for your records should your YMCA be audited in the future. The Form and Instructions are located in the Home screen of YERDI. Changing Your Y’s Contribution Rate to the 401(a) Retirement Plan: What You Need to Know Is your YMCA discussing a possible change (increase or decrease) to your contribution rate to the 401(a) Retirement Plan? If so, please contact firstname.lastname@example.org or reach out to your Y Relations representative to discuss. The Y Relations team can provide insights including YMCA contributions rate trends, staff retention/recruitment considerations, and provide the necessary paperwork. We can also provide information including Participant notification and the board resolution process. We’re here to help! Note: We also require that you notify us if you are merging with another Y or a non-YMCA entity, or planning to withdraw from the Plan.