How The Fund Works

Features
Annuity Basics and Options

If you are no longer working for a YMCA, you can start a lifetime annuity as early as age 55.

 

Let's Talk Retirement:

We've brought together some key facts in this infographic.

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A Lifetime Annuity

You can withdraw your accounts or start an annuity with the monies saved in either the Retirement Plan or Savings Plan, while leaving your money in the other Plan to continue to earn interest. These decisions can be made for each Plan at different times. The income that you receive as your annuity will be based on:

  • Your account balance at retirement

  • The interest rate that is used to convert your account balance into an annuity (Since 1996, the Fund converts account balances using an annuity interest rate of 7%*. Savings accumulated prior to 1996 are converted at an 8% rate.)

  • The annuity option you select

  • Your age at retirement

  • The age of your survivor (if selecting a joint and survivor annuity)

After your annuity has started, the option you select cannot be changed or modified in any way.

*Rollovers with the Fund for ten years or more will be converted at the current annuity interest rate when you begin receiving your annuity. However, rollovers that have been with the Fund for less than ten years will be converted at a lower rate.

Single Life

Provides monthly income as long as you live.

Options Advantages Conditions

Maximum (M)

  • Provides the greatest amount of monthly income

  • Does not provide income for a survivor

  • Does not guarantee recovery of your account balances

Principal Guarantee (C) 

  • Guarantees recovery of your account balances

  • Payments end at your death

  • Monthly payments smaller than Maximum annuity


Joint & Survivor

Provides monthly income as long as you or your survivor live. Your survivor may be entitled to 100% (J1, J1P), 75% (J7, J7P) or 50% (J5, J5P) of your income depending on your annuity choice.

Options Advantages Conditions

Joint & Survivor
(J1, J7, J5)

  • Provides guaranteed income for your survivor following your death

  • Survivor cannot be changed once you have started receiving benefits

  • Monthly payments to participant smaller than Single Life annuities

Joint & Survivor
Pop-Up
(J1P, J7P, J5P)


  • Provides guaranteed income for your survivor following your death

  • If your survivor dies, your income will increase to the level of Maximum Single Life annuity income

  • Provides slightly less income while you are both alive

  • Survivor cannot be changed once you have started receiving benefits

  • Monthly payments to participant smaller than Single Life annuities


Social Security Leveling

Provides an increase to your annuity before age 62, based on your estimated age 62 benefit from Social Security and the number of months you will receive the additional benefit.

Options Advantages Conditions

Social Security Leveling
(MS, CS, J1S, J1PS, J7S, J7PS, J5S, J5PS)

  • You receive more income before
    age 62

  • Can be combined with any
    annuity option

  • Only for those retiring before age 62

  • Payments from the Fund will decrease after age 62

  • To offset the decrease in your annuity, you may need to start Social Security benefits at age 62

  • Adjustments do not affect benefits to a survivor 

  • Requires a copy of your Retirement Benefit Estimate from the Social Security Administration. This can be obtained from the Social Security Administration’s website at www.ssa.gov.