Announcing Hardship Withdrawal Rule ChangesThe YMCA Retirement Fund’s hardship withdrawal rules will change as of January 1, 2020 The YMCA Retirement Fund’s hardship withdrawal rules will change as of January 1, 2020. The new rules will affect the requirements for taking out a loan before applying for a hardship withdrawal, the ability of participants who have taken a hardship withdrawal to contribute to the Fund’s 403(b) Smart Account, and the requirements to provide supporting documentation to receive a hardship withdrawal. The new hardship withdrawal rules also modify the criteria of what qualifies as a hardship in order for a participant to take a withdrawal. Please read the information below for specific information regarding these rule changes. Loans and Other Assets. Participants will no longer be required to take out a loan from the Savings Plan before they can apply for a hardship withdrawal. However, participants will be required to take withdrawals of any other retirement, savings, or welfare benefits sponsored by the Y, including their Rollover Account and After-Tax Account, if applicable, before being eligible for a hardship withdrawal. 403(b) Smart Account Contributions. Participants who have taken a hardship withdrawal will no longer be required to suspend contributions to the 403(b) Smart Account for six months. All participants who were subject to this suspension will receive a letter from the Fund notifying them that they can restart contributions effective 1/1/2020. Hardship Withdrawal Supporting Documentation. Participants will no longer be required to submit supporting documentation of their hardship to the YMCA Retirement Fund. However, they will be required to certify that they have insufficient cash or other liquid assets to satisfy the financial need, meet the federal hardship requirements, and agree to keep adequate supporting documentation of their financial needs and provide such documentation to the Fund or IRS upon request. Acceptable Reasons for Hardship Withdrawal. The qualifying rules to take a hardship withdrawal have been modified. For more information regarding the new rules, please visit this webpage. We hope this information is helpful to Fund participants. If you have any questions regarding the new hardship withdrawal rules, please contact our Customer Service Department by calling 1-800-RET-YMCA or sending an email to email@example.com, Monday through Friday, 9:00 am to 5:00 pm Eastern Time.