Frequently Asked Questions Withdrawals What is the processing time for a withdrawal, rollover, or loan? The processing time for a withdrawal, rollover or loan is at least 15 business days, assuming that all required paperwork is received on time and in good order. What is a Qualified Hardship Withdrawal? An employed participant under the age of 59½ who has made contributions to the Tax-Deferred Account or the Roth Account within the 403(b) Savings Plan may withdraw these contributions and credited interest if they have a financial hardship. Before a participant qualifies for a hardship withdrawal, the participant must take a withdrawal of any After-Tax or Rollover accounts they may have with the Fund. By taking a hardship withdrawal, a participant does not avoid paying taxes on the withdrawal. Click here to learn more about eligible financial hardships. Where can I learn the status of my withdrawal? To obtain the status of your withdrawal request, please contact our Pension Representatives via Live Chat or call us directly at 800-RET-YMCA (800-738-9622), Monday through Friday from 9:00am to 5:00pm ET. What is Spousal Consent and why do I need it? Spousal Consent is written acknowledgment and approval provided by the spouse of the married participant authorizing the participant to take certain actions with his/her retirement account. With each transaction, a consent form is completed by the spouse of the participant if all or a portion of benefits to which the spouse is legally entitled will be affected by the transaction. I just left the YMCA; when can I have access to my savings? Accessing your retirement savings with Y Retirement is based on a combination of your age when you leave the YMCA, and your vested account balance(s). Read the withdrawal/rollover requirements for more information. If you no longer work for the YMCA and you are eligible to withdraw your vested account balance(s) at the Fund, you can make your distribution request online. It’s easy, fast, and secure. In order to request a distribution online, you will need to log in to your account. If you do not have an online account, you can create one here. What are required minimum distributions (RMD) and when do they take effect? In accordance with IRS rules, you must begin receiving a required minimum distribution (RMD) of your benefits (except with respect to any amounts in a Roth Account or Roth Rollover Account in the 403(b) Savings Plan) no later than April 1 of the year following the calendar year in which you reach age 72 (age 73 if you were born in 1951 or later) or terminate YMCA Employment, whichever is later. Learn more in the Summary Plan Description booklet. Log In Assistance and Supported Technology What web browsers are supported to access the YMCA Retirement Fund website? Supported Browsers Microsoft® Edge Download Microsoft Edge Mozilla Firefox Download Mozilla Firefox Google® Chrome Download Google Chrome Safari – Apple Download Safari – Apple What mobile devices are supported? Supported Mobile Devices iPhone/iPad – Apple iOS 10 or higher Android 8 or higher What software is needed to view/print/download most forms on this site? PDF Viewer A PDF viewer is needed to view/print/download most forms on this site. If you do not have a PDF viewer, you can download a free copy of Adobe Reader – Download Adobe Reader How do I create an online account? Any paid employee of a participating Y can create an online account. To get started click here. Follow the prompts and instructions to complete the process. The set-up process should take just a few minutes, and after you complete it, you’ll be able to log in to your account in the future quickly using your new credentials. Please Note: For your protection this information should not be shared with anyone, and your password should be changed frequently for your account security. How do I retrieve my username or change my password? If you ever forget your Username, you can request to have it sent by clicking “Forgot Username”. If you forget or wish to change your Password, you can request to change it by clicking, “Forgot / Change Password”. Follow the prompts as instructed. How do I change the phone number used to authenticate my account (Multi-Factor-Authentication)? Log in to your online account and select “Change Your Log In Information” from the left-hand navigation, and follow the prompts to update this information. If you no longer have access to your current MFA phone number, please contact us. I Incorrectly Answered the Security Questions and Now I Can’t Log In. What Should I Do? If you run into any issue while trying to create your account or log in, contact us and one of our Pension Representatives will be happy to assist you. How the Fund Works What is a church pension plan? A church pension plan is a plan that serves the employees of an organization that is either a church or is associated with (and shares common religious bonds with) churches or associations of churches. On December 21, 2004, President George W. Bush signed a bill into law which clarified that plans of the YMCA Retirement Fund are church plans. How is the YMCA Retirement Fund different from other retirement plans? As an administrator of church plans, the Fund can offer retirement income accounts, commingle assets for investment purposes and provide annuities without paying an insurance company. Is the money in the Fund insured by the federal government? The YMCA Retirement Fund’s plans, like defined contribution plans, 401(k)s, 403(b)s, etc., are not insured by the government. Is money saved in the Fund safe? Yes. The safety of the Fund is in its highly diversified portfolio, managed by professionals and a dedicated Board of Trustees. This means that Y Retirement manages the investment risk, and that minimizes the risk of investment loss to the participant. Account balances have never gone down in Y Retirement’s 100-year history, and annuity payments have never been missed. What is ERISA and does the Fund's 401(a) Retirement Plan follow the ERISA rules? The Employee Retirement Income Security Act of 1974, as amended (ERISA) was passed to protect employee pensions in response to some spectacular company failures in the 1960’s, most notably the Studebaker automobile company. They had failed to put aside sufficient money to pay pensions if they went out of business and, when they did, all their retirees lost their pensions. This federal law requires certain standards for participation, enrollment, vesting and benefit payments. It also requires that the people who manage a pension plan (fiduciaries) meet certain standards. Although church pension plans are not subject to ERISA, the Fund’s 401(a) Retirement Plan elected to become subject to ERISA in connection with the 2004 legislation confirming its status as a church pension plan. Who reviews the Fund's operation? The Fund’s financial statements are audited annually by an independent CPA firm. The Fund is subject to review by the New York State Department of Financial Services, viewed by many as the toughest state insurance department in the country. The Fund also reports to the IRS and the Department of Labor. Eligibility & Enrollment Is enrollment in the 401(a) Retirement Plan optional? No, individuals employed at Ys that participate in the Fund’s retirement plans must be enrolled in the 401(a) Retirement Plan as soon as they are eligible, as a condition of employment, regardless of financial hardship. Only new employees hired for the first time by a Y after age 60, who are working for a Y that requires employees to make contributions, may elect to waive participation. These employees must complete a Waiver of Participation. What if an employee moves from one Y to another, or works at multiple Ys? Ys must take into account all of the employee’s prior and concurrent service at participating Ys when establishing eligibility to be enrolled in the 401(a) Retirement Plan. Employees who have completed the service and age requirements will be enrolled on the first day of the month following their original anniversary date, even if by that time they are employed by a participating Y other than the one that first hired them. Click here to see a few examples. What if an employee believes they have achieved eligibility, but the Y did not enroll them in the 401(a) Retirement Plan? Participants should immediately approach the local plan administrator at their Y and ask them to recheck their eligibility calculations. Participants should also call the YMCA Retirement Fund. If the matter is not resolved to their satisfaction, they must promptly make a written request for a review of the matter in accordance with the claims procedures for the 401(a) Retirement Plan. Read more about the procedures. Beneficiaries Why is it important to designate a beneficiary? It is critical that you name a beneficiary or beneficiaries for your retirement plan account(s) to ensure the benefits are paid according to your wishes. If at any time there is a major change in your life, such as marriage, birth of a child, widowhood or a divorce, you should review your beneficiary designation and make any necessary changes. If you have not yet started your annuity you can designate and update your beneficiaries online or by completing a Designation of Beneficiary form and submitting it to the YMCA Retirement Fund. Your beneficiary designation applies to both Plans. If a participant is married and wishes to designate less than 100% of their benefits to their Spouse, the Spouse is required to consent to their waiver of his or her rights to the Qualified Pre-Retirement Survivor Annuity and consent to the participant’s selection of a non-spouse Beneficiary. If the participant’s Spouse does not consent, they will be entitled to an Annuity based on 50% of the participant’s total vested balance in the 401(a) Retirement Plan and 50% of the participant’s total Plan balance in the 403(b) Savings Plan as of the participant’s death. Any remaining benefit payable by either Plan will be divided amongst those surviving Beneficiaries designated in the properly completed and submitted form. If the participant dies without designating a Beneficiary or if none of the designated Beneficiaries survive the participant, currently the total vested Plan balances will be payable to the following, in order: Participant’s Spouse of at least one year, and if their Spouse does not survive them, then to Participant’s estate. To read more about beneficiaries, click here. What happens if a retiree does not designate a beneficiary? If a retiree dies without designating a beneficiary, or if the beneficiary the retiree named predeceased the retiree and the retiree did not submit a new Designation of Beneficiary for the Retired Death Benefit form to designate another, the retiree’s Retired Death Benefit will currently be payable to the following, in order: Retiree’s Spouse of at least one year, and if their Spouse does not survive them, then to Retiree’s estate. To read more about beneficiaries, click here. How does a participant change their beneficiary? Participants can change their beneficiary at any time. Those who have not yet started their annuity can designate and update their beneficiaries online. They may also designate their beneficiaries by submitting the proper form to the Fund. The form they use depends on whether or not they still work for the Y. The Designation of Beneficiary—for current Y Employees must be either notarized or signed by HR. The Designation of Beneficiary—for former Y Employees must be notarized. For participants who have already started their annuity, the Designation of Beneficiary for the Retired Death Benefit must be notarized and mailed in. (Contact Y Retirement if an annuity has been started under the Principal Guarantee Annuity Option.) NOTE: Federal law imposes strict rules for married employees designating beneficiaries other than their spouses. The employee must have notarized consent from their spouse if the spouse is not the only beneficiary. Who can be named as a beneficiary? Anyone or any entity can be named as a beneficiary. Generally, all people named as beneficiaries get the same choices regarding benefits. However, since estates, trusts, Ys and other organizations do not have a life expectancy, they may only take a withdrawal and are not entitled to an annuity. Married participants need notarized consent from their spouse if they do not name their spouse as their only primary beneficiary. If the primary beneficiary predeceases the participant, who will receive the death benefit? If a primary beneficiary predeceases the participant, his or her interest and the interest of his or her heirs will terminate. The share of any remaining primary beneficiary(ies) will be increased proportionately based on the percentage amount awarded to the primary beneficiary by the participant, unless a new designation of beneficiary form is submitted. If all of a participant’s primary beneficiaries predecease them and they do not designate another, their benefits are paid based on how they designated contingent beneficiaries. If the participant did not name any contingent beneficiaries, benefits will be paid to the participant’s surviving spouse of one year or, if none, to the participant’s estate. In general, each beneficiary will make a decision to take a withdrawal or, if the amount is $5,000+, an annuity. If a participant has accounts in the 401(a) Retirement Plan and 403(b) Savings Plan, can they designate different beneficiaries for each plan? No. A participant’s beneficiary designation will apply to both Plans. Benefits What are the benefits of the Fund? The Fund’s benefits are: Opportunities for tax-deferred and after-tax savings for retirement Retirement income for participants and their beneficiaries (see annuity) Income for participants who are permanently and totally disabled Death benefits for beneficiaries of active and retired participants What is the total and permanent disability benefit and how does one qualify for it? The Fund offers retirement benefits to Y employees who become permanently and totally disabled. That means if an individual is incapable of working for a living, and their condition is not expected to improve, they may be eligible to receive an annuity from the Fund. To qualify for this benefit, the employee must: be under age 60 have had at least 60 months of contributions to the 401(a) Retirement Plan have become disabled while working for a participating Y have not taken a withdrawal from their YMCA Account and Personal Account (for Ys that require employee contributions) since leaving a Y apply for benefits within six months after terminating Y employment For more information, click here. What happens to a participant’s 401(a) Retirement Plan balance if they pass away while still working for a Y? If you first became enrolled in the 401(a) Retirement Plan prior to January 1, 2019, the beneficiary will receive the greater of $10,000 or the sum of the amounts in their Personal Account, YMCA Account (Legacy) and YMCA Account. Any voluntary accounts they have will be paid to their beneficiary as well. If you first became enrolled on or after January 1, 2019, the beneficiary will receive your vested 401(a) Retirement Plan balance. Any unvested balance in the 401(a) Retirement Plan will immediately vest upon the passing of the participant during active Y employment. Life Changes How will my divorce affect my retirement benefits? If you were married during or after your YMCA employment, the Fund must have a copy of your executed divorce decree on file before processing any requested transactions (such as an annuity, withdrawal, loan, or beneficiary change). If your divorce occurred in the 12 months prior to the transaction, the Fund may also require a copy of your financial settlement agreement. If your retirement benefits are being divided as part of your divorce, you will need to obtain a Qualified Domestic Relations Order (QDRO). Please review the Fund’s QDRO Procedures. What is the process for obtaining a Qualified Domestic Relations Order (QDRO) to divide retirement benefits for a separation, divorce or child support? A Qualified Domestic Relations Order (QDRO) is a court order that allows a spouse, former spouse, child or other dependent (known as an “Alternate Payee”) to receive all or a portion of a participant’s retirement benefit due to a divorce, separation, or child support situation. The QDRO must contain specific information and must be approved by a court (or authorized state agency) and by the Fund to be considered “qualified” and enforceable. Please review the Fund’s QDRO Procedures. The appendices of the Fund’s QDRO Procedures include sample domestic relations orders (DROs) with instructions for completion. These samples offer provisions that conform to the requirements necessary for a DRO to be considered qualified under applicable law with respect to the terms of the Fund’s retirement plans. Use of the appropriate sample may avoid processing fees and expedite the process of determining the qualified status of the DRO. The Fund will look over a draft DRO to let the parties know if all requirements are met, or if changes are needed, before either party submits the DRO to the court for approval. Once the DRO is approved by the court, it then must be submitted to the Fund for the Fund to determine whether it is “qualified”. If the DRO does not meet the requirements to be a QDRO, the DRO is returned to the parties for corrections and re-submission to the court. If the Fund determines that it meets the requirements to be a QDRO, both the participant and Alternate Payee, or their legal representatives, are notified as soon as administratively reasonable. A spouse or former spouse who is an Alternate Payee will then receive a letter indicating which distribution options are available for their portion of the benefit assigned by the QDRO. If you are an Alternate Payee or legal counsel for an Alternate Payee and you need information about a participant’s account(s) with the plans, you can (i) have the participant obtain that information from the Fund to share with you; (ii) provide the Fund with the participant’s notarized consent for the Fund to share that information with you; or (iii) subpoena the Fund for that information. What Options Does A Spouse or Former Spouse Have Upon Being Granted An Account At The Fund Due to a QDRO? If the QDRO assigns the spouse or former spouse Alternate Payee a portion of the participant’s account balance with a plan, the Alternate Payee may take an immediate lump sum or rollover of the vested balance, regardless of age or amount in the account balance. Any amount withdrawn and not directly rolled over to another eligible retirement plan will incur a mandatory 20% income tax withholding from the taxable portion. The spouse or former spouse Alternate Payee who is granted an amount of more than $5,000 in either plan (401(a) Retirement Plan and/or 403(b) Savings Plan) may leave that balance in the plan to gain interest until they decide to withdraw or start a monthly annuity. They may start an annuity once their former spouse (the original participant) turns age 55, or any time thereafter. Per federal law, they may not designate their new spouse as their survivor for a Joint & Survivor annuity. The spouse or former spouse Alternate Payee who is granted an amount of $5,000 or less in either plan (401(a) Retirement Plan and/or 403(b) Savings Plan) must withdraw or rollover that balance soon after the Fund’s approval of the QDRO. They may not take that balance as an annuity or leave that balance in the plan. However, if the Alternate Payee is granted more than $5,000 in the 401(a) Retirement Plan and $5,000 or less in the 403(b) Savings Plan, then the Alternate Payee may choose to leave their balance in the 403(b) Savings Plan to earn interest for as long as the Alternate Payee leaves their 401(a) Retirement Plan with the Fund to gain interest. If the participant has already annuitized the balance in a plan and is receiving monthly payments from the Fund at the time that the QDRO for that plan is approved, the Alternate Payee will receive a portion of the monthly payment for a period of time, both as determined by the QDRO. The Alternate Payee will have no lump sum or rollover option from that plan and will have no balance in that plan to leave at the Fund to gain interest. Retirement Are annuities guaranteed? The YMCA Retirement Fund can state with the greatest certainty that every retiree and beneficiary will get every penny of the retirement annuity promised to them. Our actuary reviews and monitors the Plan each year to determine the amount of reserves required to pay all future benefits. The assets of the Fund are invested and closely monitored by Fund management and Trustees in order to provide the highest level of return while protecting the value of the assets. What are required minimum distributions (RMD) and when do they take effect? In accordance with IRS rules, you must begin receiving a required minimum distribution (RMD) of your benefits (except with respect to any amounts in a Roth Account or Roth Rollover Account in the 403(b) Savings Plan) no later than April 1 of the year following the calendar year in which you reach age 72 (age 73 if you were born in 1951 or later) or terminate YMCA Employment, whichever is later. Learn more in the Summary Plan Description booklet. If a participant stops working for the Y, is it possible to postpone the start of annuity payments? Yes. As long as the participant is at least age 55 and no longer working for the Y, they can choose to begin their lifetime annuity at any time, regardless of how long they have been away from the Y. However, participants must either start their annuities or take a withdrawal by April 1 of the year after the calendar year in which they reach age 72 (age 73 if born in 1951 or later). Can a retiree who is receiving an annuity from the Fund, or who has received a lump-sum distribution, return to work at a Y? There are certain legitimate situations where an individual may become re-employed by a Y after he or she begins receiving a lifetime annuity or has taken a lump-sum distribution from the Fund. Whether they are hired by any Y in the future is entirely at the discretion of the employing Y. In order to avoid potential problems, it is recommended that the retiree and Y discuss specific situations with their legal counsels and secure written legal opinions prior to taking any action. Please click here for more information. How Can I Estimate What My Future Retirement Income Might Be? Check out Y Retirement’s Lifetime Income Tracker to help you better understand what lifetime income in retirement could mean to your financial future. To get started, log in to your Y Retirement online account and select “Lifetime Income Tracker” from the left-hand navigation and follow the prompts. Saving Can a participant contribute money that is not from their Y paycheck? Generally participants cannot contribute money to the plans that is not taken directly from their paycheck. However, in certain circumstances a participant is able to roll over money from another eligible retirement plan to the 403(b) Savings Plan. For more information about rolling money into Y Retirement from another financial institution, please review the Rollover Authorization form. Are there limits on the amounts a participant can save for retirement? The federal government sets limits on the total amount of retirement contributions an employee and their employer can make each year, and on the amounts someone can contribute annually to their 403(b) Savings Plan (collectively to both the Tax-Deferred Account and Roth Account).