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Retirement Planning Strategies: The 403(b) Smart Account
Retirement Planning Strategies: The Basics
Retirement industry experts recommend that workers save at least 15% of their annual salaries throughout their careers in order to comfortably retire.
Although your Y contributes to eligible employees’ accounts in the Retirement Plan, each employee should also save an additional percentage on their own in order to reach the 15% recommendation.
The YMCA Retirement Fund polled Y's with the highest rates of 403(b) Smart Account participation among staff.
Teaching every new employee about the 403(b) Smart Account and providing applications
Posting information about the Fund on the Y’s intranet, including links to the Fund’s website
Posting printed information about the Fund in the Y’s employee commons area
Sending periodic email blasts, encouraging staff to open a 403(b) Smart Account
Highlighting the Fund in the Y’s recruitment materials
Providing each employee with their own “total compensation statement,” highlighting what the Y has contributed to the Retirement Plan that year on their behalf
Promoting the Fund at the Y’s annual benefits fair
Promoting the Fund at any mandatory staff meeting
Encouraging staff “virtual attendance” at the Fund’s webinars, perhaps setting up a conference room with screen to accommodate everyone