Every month HR Professionals and Plan Administrators receive an email from the Fund that highlights important topics, information and/or resources. 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. January 2024 The Roth Account is Here: Share Resources with Your Staff As your staff think about the year ahead and the steps they can take to secure their financial futures, remind them that there is a new retirement savings option available to them. The addition of the Roth Account to the Fund’s 403(b) Savings Plan gives them added flexibility in how they save for retirement. Now they can choose to save after-tax in the Roth Account, save pre-tax in the Tax-Deferred Account (formerly known as the Smart Account), or save in both – whichever works for them! They can also now make a direct rollover of their Roth accounts from eligible employer plans to the Fund. Share the enrollment form and encourage them to visit our “All About Roth” webpage to learn more. We also have space in our “The 403(b) Savings Plan: Roth is Here!” virtual sessions for staff to introduce them to the Roth offerings. They can register here. Having an issue with uploading a new transmittal? Please contact our Customer Service Department at 800-738-9622 (select option 3), Mon-Fri, 9am-5pm ET for assistance. 2024 Contribution Limits Now Online The 2024 limits for retirement plan contributions are now online at YRetirement.org. Of note, the amount that employees can contribute to a 403(b) Plan has increased from $22,500 to $23,000 for 2024. Share this information with your staff as they consider their 403(b) Savings Plan elections, but remind them that 1) the limit applies to contributions to both the Tax-Deferred Account and the Roth Account, and 2) if they participate in the Fund’s 403(b) Savings Plan and make elective deferrals to another employer’s retirement plan, the total of all of their elective deferrals may not exceed the limit. New Year, New Office Hours for February! Local Plan Administrators: Start your year right and get your benefit administration questions answered in a casual setting. Join members of the Fund’s Y Relations and Education Team for their February virtual Office Hours. Click here to sign up. Bonuses: What to Know 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) Savings Plan account(s) based on this amount and should provide their preference in writing if they wish to opt out. Questions about W-2s? Start with Your Payroll Provider As you prepare your IRS Form W-2s for your staff, you may have questions about how Fund contributions should be reported. The best place to start is with your payroll provider! They will be best equipped to help you navigate where contributions should be noted based on your payroll system. The IRS website is also helpful. Click here for Form W-2 Instructions and more. 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 yrelations@ymcaret.org. 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!