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 and vesting in the Retirement Plan depends on: TWO-YEAR ELIGIBILITY ONE-YEAR ELIGIBILITY AGE Participants must be at least 21 years of age. Participants must be at least 21 years of age. SERVICE Participants must complete 1,000 hours of service in each of any two (2) 12-month periods beginning with their date of hire or anniversary date. The two periods do not have to be consecutive. Participants must complete 1,000 hours of service in one (1) 12-month period beginning with their date of hire or anniversary date. VESTING Participants are immediately vested in contributions and interest credited upon enrollment. Participants must complete 36 months of employment at a participating Y to become vested in contributions and interest credited to the YMCA Account within the 401(a) Retirement Plan. Any employee contributions and interest credited to the Personal Account are immediately vested, regardless of length of employment. New employees, hired for the first time by a YMCA after age 60, who are working for a YMCA that requires employees to make contributions to the Retirement Plan may waive participation by completing a Waiver of Participation form before becoming eligible to participate. 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. In addition to your responsibility to timely enroll and contribute, you also have a responsibility to timely report termination of employment. Failure to do so could result in acceleration of vesting for the participant. Universal Availability of the 403(b) 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, 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.