Before you can be enrolled in the Retirement Plan, you must meet certain age and service requirements. Read more…
Contributions to the Plan are based on your salary. Your Y chooses a total contribution rate of 12%, 11%, 10%, 9%, or 8%. Within that contribution rate, your Y also determines whether they will require you to save in the Plan.
How Contributions Work
Suppose your Y has chosen a 12% contribution rate and your paycheck is $2,500. If your Y makes the entire contribution, $300 will be sent to your YMCA Account after every payroll.
If your Y has chosen to pay 7% and requires you to pay 5%, your Y will send $175 to your YMCA Account and $125 will be deducted from your paycheck for your Personal Account.
|YMCA Account Contribution || |
|Personal Account Contribution || |
Contributions made to your YMCA Account, and the interest credited to that account, are not taxed until you take a withdrawal from your accounts.
If your Y requires you to make contributions to your Personal Account, your contributions have already been taxed. Because your contributions are after-tax, only the interest credited to those contributions is taxed when you take a withdrawal.