Options When You Leave the Y If you no longer work for the YMCA and would like to withdraw your account balance(s) at the Fund, you can make your distribution request online. It’s easy, fast, and secure. In order to request a distribution online, you will need to log in to your account. If you do not have an online account, you can create one here. Select the Withdrawal/Rollover Request located under the Features menu on the left-hand side to start the process. Once your request is submitted, you can view the status of your distribution under the Withdrawal/Rollover Request feature. Read the withdrawal/rollover requirements below for more information. We encourage you to consult a tax or financial planning professional before submitting your request. After the Fund has been notified that you have left employment from the YMCA, you will receive a letter from the Fund. What are my options when I leave the Y? These are the options you have with your account balances at the Fund once you leave the YMCA. If your Retirement Plan balance is more than $5,000 and your Savings Plan balance is more than $5,000, then both Plans can remain at the Fund. If you have a balance in only one of the Plans, and the balance is more than $5,000, that can remain as well. If your Retirement Plan balance is more than $5,000 and your Savings Plan balance is $5,000 or less, then both Plans can remain at the Fund. Note that this exception does not apply once you reach age 72; at that point, a Retirement Plan balance of more than $5,000 does not allow a Savings Plan balance of $5,000 or less to remain at the Fund. If your Savings Plan balance is more than $5,000 and the Retirement Plan balance is $5,000 or less, then the Savings Plan can remain at the Fund but the Retirement Plan must be withdrawn or rolled over to an eligible retirement plan or an IRA. If your Retirement Plan balance is $5,000 or less and your Savings Plan balance is $5,000 or less, then both account balances must be withdrawn or rolled over to an eligible retirement plan or an IRA. For any balance of $5,000 or less which cannot remain at the Fund due to the rules stated above, you must complete a withdrawal or roll it over to another employer’s eligible retirement plan or IRA within 180 days of leaving employment at the YMCA. If you do not, the Fund will automatically roll over your distribution to an IRA at Millennium Trust Company. Neither you nor the YMCA can make further contributions once you have left employment. However, eligible accounts that you leave at the Fund will continue to earn daily compound interest. Any accounts that remain with the Fund, whether voluntarily or because they do not qualify for a withdrawal, can be used for an annuity (lifetime income) as early as age 55. Withdrawal Options by Account Type The option to withdraw from the Plans is based on your account type(s) within the Retirement and Savings Plans, and your age and balance at either the time you terminate YMCA employment or make the request, as explained below. You can withdraw your balance according to the chart below. You can review your account types and balances within either Plan by viewing your online statements. Savings Plan account type YOUR AGE YOUR BALANCE 403(b) Smart Account Any Age Any balance Rollover Account (rollovers made on or after March 1, 2003) Any Age Any balance RETIREMENT PLAN ACCOUNT TYPE YOUR AGE YOUR BALANCE Personal Account Any Age Any balance After-Tax Account Any Age Any balance Rollover Account (rollovers made before March 1, 2003) Any Age Any balance YMCA Account Under 55 $5,000 or less 55 or older on or after July 1, 2022 $100,000 or less 55 or older on or before June 30, 2022 Any balance YMCA Account (Legacy) Any Age $25,000 or less at the time you terminated Y employment 55 or older on or after July 1, 2022 $100,000 or less when you request the withdrawal, provided you do not have a YMCA Account as well 55 or older on or before June 30, 2022 Any balance YMCA Account and YMCA Account (Legacy) 55 or older on or after July 1, 2022 The sum of both accounts is $100,000 or less 55 or older on or before June 30, 2022 Any balance Partial Withdrawals You may take a partial withdrawal from your accounts in the Retirement Plan or Savings Plan if: You meet the requirements for taking a full withdrawal per the chart above, AND: You have a balance of $10,000 or more in the Plan, The withdrawal is at least $5,000, and The withdrawal does not result in your balance dropping to $5,000 or below. Only one partial withdrawal per Plan is allowed in a three-month period, and you may take up to four partial withdrawals from the same Plan in a 12-month period. There is no cost for the first and second withdrawal, however, a $50 processing fee will be charged for the third and fourth withdrawal within a 12-month period. Required Minimum Distribution Once you turn age 72 (age 73 if you were born in 1951 or later) and are no longer employed with a participating YMCA, you are required to start taking annual distributions of at least a minimum amount from your Retirement Plan account and Savings Plan account. Taxes and Penalties There is no tax implication at the time that amounts are directly rolled over to a Traditional IRA or eligible retirement plan. For most other withdrawals, the Fund is required to withhold 20% of the taxable portion of your withdrawal for federal income taxes. If you are under age 59½, the IRS may require an additional 10% penalty at tax time. See the Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions (IRS Form W-4R). Getting Your Money In order to request a distribution or check the status of your distribution, log in to Your Account. If you do not have an online account, you can create one here. Once you log in to your account, select the Withdrawal/Rollover Request located under the Features menu on the left-hand side to start the process. If you are eligible to take a distribution, you will be guided through the online withdrawal/rollover portal. Once you submit your request, the process can take at least 14 business days (not including mailing time). If you are married, the consent of your spouse is required for certain transactions where their survivor benefit would be lessened or eliminated. Your spouse must carefully read the form he/she is signing, approve, and sign the consent to waiver in front of a Notary. Please note, your spouse’s signature cannot be dated before your signature.