How The Fund Works

Features
Rollovers

Whatever your age, length of Y service, hours worked, or eligibility in the Retirement Plan, you can roll over qualified savings into a Rollover Account in the Savings Plan.

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What Types of Accounts Can I Roll Over?

The Savings Plan accepts amounts from qualified plans, tax-deferred annuities, deferred compensation governmental plans and Traditional IRAs. You can also roll over SEP IRAs and SIMPLE IRA plans that were established for you at least two years ago by your previous employer. Rollovers of after-tax contributions from an eligible retirement plan are accepted, but not Roth IRAs.

In general, you may only roll over money that is in your name. However, if you are a surviving spouse and you receive a taxable distribution from your deceased spouse’s pension plan, you may roll it over.

There are no limits on the amounts or the frequency with which participants can rollover to the Fund. 

Why Should I Roll Over My Savings?

 

  • Your Savings in One Spot—And Growing!
    While your Rollover Account is in the Savings Plan it will receive the same interest credits as all other accounts at the Fund. And like all other accounts in the Fund, it will be shielded from the volatility of the market.

  • You Can Withdraw at Any Time
    You may withdraw your Rollover Account at any time regardless of your age, account balance or whether or not you are still working for a Y. Unless this money is rolled over to an IRA or eligible employer plan, it is subject to taxes and penalties:

    • The Fund is required to withhold 20% for federal income taxes (state laws vary).
    • If the account holder is under age 59½, the IRS may require an additional 10% penalty at the time the account holder files year-end income taxes. 

If you leave Y employment with more than $5,000 in the Savings Plan, the Rollover Account can stay at the Fund and may be used towards a lifetime annuity when you retire. 

  • Borrow from Yourself, and Pay Yourself Back
    While you are working for the Y, you can borrow from your accounts in the Savings Plan. Read more about loans.

  • Roll Over for a Great Annuity
    One of the unique benefits of having your retirement savings at the Fund is that, upon retirement, the Fund can convert those account balances directly to an annuity of your choice. Rollovers with the Fund for ten years or more will be annuitized at the current rate when you begin receiving your annuity. However, rollovers that have been with the Fund for less than ten years will be annuitized at a lower rate.

To begin the process, complete the Rollover Authorization.