Options When You Leave the Y If you no longer work for the YMCA and would like to withdrawal 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 at 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 advisor or accountant before submitting your request. When your YMCA has processed your “exit interview” and reported your final contribution to your retirement account, your YMCA will deactivate your account. 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. 1. If your Retirement Plan account balance is more than $5,000 and your Savings Plan account balance is less than $5,000, then both Plans can remain at the Fund. If you leave your accounts at the Fund, they will continue to earn daily compound interest. 2. If your Retirement Plan account balance is less than $5,000 and your Savings Plan account balance is less than $5,000, then both account balances must be withdrawn or rolled over to a qualified plan or IRA. 3. If your Savings Plan account balance is more than $5,000 and the Retirement Plan balance is less than $5,000, then the Savings Plan can remain at the Fund but the Retirement Plan must be withdrawn or rolled over to a qualified plan or IRA. 4. If either Plan balance is less than $5,000, within 180 days of leaving employment at the YMCA, you must make a withdrawal or roll it over to another qualified employer plan or IRA. If you do not notify us of your choice, the Fund will automatically roll over your distribution to a Safe Harbor IRA at Millennium Trust Company. Neither you nor the YMCA can make further contributions once you have left employment. However, if you leave your accounts at the Fund, they will continue to earn daily compound interest. If your account(s) does not qualify for a withdrawal, you can use the funds for an annuity as early as age 55. If you have a YMCA Account and YMCA Account (Legacy), you can take a withdrawal based on your age and balance at the time you make the request: account type YOUR AGE YOUR BALANCE YMCA ACCOUNT YMCA ACCOUNT (Legacy) 55 or Older The combined sum of both accounts is $100,000 or less If the above example is not applicable, you can take a withdrawal based on the following: account type YOUR AGE YOUR BALANCE YMCA ACCOUNT Under 55 $5,000 or less when you request the withdrawal 55 or Older $100,000 or less when you request the withdrawal YMCA ACCOUNT (Legacy) Any Age $25,000 or less at the time you terminated Y employment 55 or Older $100,000 or less when you request the withdrawal, provided you do not have a YMCA Account as well PERSONAL ACCOUNT Any Age Any balance AFTER-TAX ACCOUNT Any Age Any balance 403(b) SMART ACCOUNT Any Age Any balance ROLLOVER ACCOUNT Any Age Any balance Partial Withdrawals You may take a partial withdrawal from your accounts in the Retirement Plan or Savings Plan if: You are eligible to take a full withdrawal from eligible accounts within that Plan (withdrawal rules for the YMCA Account and YMCA Account (Legacy) above may prohibit both a partial and full withdrawal from the Retirement Plan) You have a balance of $10,000 or more in that Plan, The withdrawal is at least $5,000, and The withdrawal does not result in your balance dropping below $5,000. If your balance becomes less than $5,000 as a result of a withdrawal, you must withdraw the entire balance. 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. Required Minimum Distribution Once you turn age 72 and are no longer employed with a participating YMCA, the IRS requires you to start taking annual required distributions of at least a minimum amount from your Retirement Plan account and Savings Plan account. Taxes and Penalties There is no tax implication for money rolled over to an IRA or eligible employer 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. 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 at www.yretirement.org/register. 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 30 business days (not including mailing time). The Employee Retirement Income Security Act (ERISA) requires spousal consent for certain transactions. Since the YMCA Retirement Fund’s plans are either subject to those ERISA rules or have elected to adopt those provisions, your spouse must sign off to waive his/her rights related to 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.