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I'm a Y Plan Administrator
Overview of the Accounts

Types of Accounts and Contributions 

The types of accounts a Y employee may have, and the sources of funds they receive, are mapped out in the following tables.

Retirement Plan

One or both of the following accounts are opened when an employee has met eligibility requirements and is enrolled in YERDI.

Account Type Source of Contribution Tax Issues
Personal Account Participant after-tax contributions via payroll deductions (Includes contributions paid by the Y on the behalf of the participant for payroll dates prior to 7/1/09) Contributions made by the participant have already been taxed. The interest credited along with any contributions that were made by the Y on the participant's behalf are taxed when the participant receives a distribution.
YMCA Account (created 7/1/09) The Y Contributions and the interest credited are taxed when the participant receives a distribution.

Savings Plan

One or both of the following accounts are opened when an employee voluntarily submits the completed forms to you.

Account Type Source of Contribution Tax Issues

403(b) Smart Account

Any Y employee (contributions via payroll deduction only)

Contributions are made pre-tax. Contributions and interest credited are taxed when the participant receives a distribution. 

Rollover Account

Amounts previously contributed to an eligible employer's plan or IRA 

Rolled-in amounts and interest credited are taxed when the participant receives a distribution. If a portion of the account was already taxed, it will not be taxed when withdrawn.