Roth Account: New for 1/1/24Beginning January 1, 2024, the YMCA Retirement Fund will add a Roth Account to the 403(b) Savings Plan. The Roth Account is an after-tax retirement savings account option. Here’s what you need to know: Any paid employee of a participating YMCA will be able to contribute to the Roth Account regardless of compensation, age, hours worked, or length of service (just like the current Tax-Deferred Account!) Contributions will be made via payroll deduction, and taxed in the year of the contribution At retirement, contributions and interest in the Roth Account are tax-free if you are age 59 ½ or older and you satisfy the 5-calendar-year requirement for your Roth Account Contributions to the Roth Account will receive Interest Credit and Annuity Conversion Rates that are established and reviewed periodically by the Board of Trustees You’ll be able to roll in employer-sponsored Roth retirement savings accounts from past jobs into a new Roth Rollover Account By adding the after-tax Roth Account option to the Savings Plan, Y employees – like YOU – will have the flexibility to save for your financial future in a way that works best for your unique retirement goals. Visit our website to learn more about the Roth Account. The Smart Account Becomes the Tax-Deferred Account With the addition of the Roth Account, the 403(b) Smart Account will start being referred to as the Tax-Deferred Account. Why the name change? We want the name to reflect the type of retirement savings account it is within the Savings Plan. And, now that you’ll be able to choose how you want to contribute to the Savings Plan — either after-tax in the Roth Account, pre-tax in the Tax-Deferred Account, or both — the “smart” savings option might be different for every Participant. But don’t worry — the features and structure of the Tax-Deferred Account remain the same. Questions? Click here to connect with the Fund’s Customer Service Department, or contact your YMCA’s HR department to learn more.