The YMCA Retirement Fund is regulated by the IRS, the Department of Labor (DOL), and the NY State Department of Financial Services. We pride ourselves on being fully compliant with all regulatory requirements. Part of this commitment is making sure YMCAs are compliant too. The following will serve as a guide for the primary responsibilities of a YMCA under the Plans of the YMCA Retirement Fund.

Timely enrollment in the retirement plan

Eligibility in the Retirement Plan depends on:

  1. Y service: Employees must complete 1,000 hours of service during each of any two 12-month periods, beginning with their date of hire or anniversary date. The two years do not have to be consecutive.
  2. Age: Once employees complete the service requirement, they must be enrolled on the first day of the month following their anniversary date, provided they are 21 years of age. If the anniversary date falls on the first of the month, they are enrolled on their anniversary date.

Once a Y employee is eligible, participation in the Retirement Plan is mandatory.

Timely contributions
  • Participant contributions to the Retirement Plan as of the earliest date on which the funds can be segregated—no later than the 15th business day following the month when payable
  • Employer contributions to the Retirement Plan no later than the 15th business day following the month to which they relate
  • Participant contributions to the Savings Plan as of the earliest date on which the funds can be segregated—no later than the 15th business day following the month when payable
Universal availability of the savings plan
  • Notify new employees of the opportunity to participate in the Savings Plan
  • Annually notify existing employees of the opportunity to participate in the Savings Plan
Overall primary risk

In addition to the specific penalties applicable to a delinquent YMCA identified above under “Failure to Comply”, noncompliance with these obligations by a single YMCA could constitute a breach of fiduciary duty under ERISA. Such a breach could result in the retirement plan losing its favorable tax status for all YMCAs participating in the Plans; and/or the suspension or termination of the delinquent YMCA from participating in the YMCA Retirement Fund.