Keep Your Savings
With You
You can bring your retirement savings with you. No matter your age, hours worked, or eligibility for the 401(a) Retirement Plan, you’re able to roll eligible retirement savings into the 403(b) Savings Plan while you’re employed at a participating YMCA.
What Accounts Are Eligible to Roll Over?
The 403(b) Savings Plan accepts rollovers from the following:
- 401(a), 401(k), and 403(b) plans
- 403(b) tax sheltered annuities
- 457(b) governmental plans
- Traditional IRAs, SEP IRAs, and SIMPLE IRAs
Depending on the source of the rollover, your savings will go into either the Rollover Account or Roth Rollover Account within the 403(b) Savings Plan.
Important Considerations:
- There are no limits on the amount of money you roll in, or how many roll overs you complete.
- You can generally only roll over retirement savings from accounts that are in your name.
- You may roll over certain retirement savings you are receiving as a surviving spouse.
- We cannot accept indirect rollovers from employer-sponsored Roth accounts or after-tax amounts.
- Rollovers from Roth IRAs are not allowed at any time (that’s an IRS rule, not ours!).
Why Roll Over Your Savings to Y Retirement?
Build Toward a Future Annuity
Accounts rolled into the 403(b) Savings Plan can be converted into lifetime income in retirement. That’s right—your savings from another employer could become part of your Y Retirement annuity! Rollovers received on or after July 1, 2021 must be in the Plan for at least 5 years to qualify. Rollovers received before July 1, 2021 are eligible but will have a lower annuity conversion rate if held for less than 10 years.
Keep Your Savings Together
Consolidating your savings may make your retirement easier to manage. While your rollover money is in the 403(b) Savings Plan, it grows with daily compounding interest and is protected from investment risk—just like the other Y Retirement accounts! You know where your money is and you can see how it could factor into your financial future.
Take Flexible Withdrawals
You can withdraw your Rollover and Roth Rollover Accounts at any time—regardless of age, account balance, or your employment status with the Y. Keep in mind though that withdrawals may be taxable unless rolled over to another eligible plan or IRA, and other penalties may apply depending on your age and employment status.
Borrow From Yourself
While you’re working for the Y, you may be able to take a loan from the accounts in your 403(b) Savings Plan—including your Rollover Accounts. The interest you pay on the loan goes back to you!
How to Roll Over Your Savings
Make a Request
Contact your former plan administrator or IRA custodian to request a rollover. Make sure the account is eligible as listed on the Y Retirement’s Rollover Authorization Form.
Complete the Form
Complete Y Retirement’s Rollover Authorization Form. Follow the instructions. Your former plan administrator/IRA custodian may need to complete part of the form too, and they will let you know any next steps they require.
Send Us a Copy
Send a copy of the completed form to Y Retirement. You’ll need to know how long it will take your former plan administrator/IRA custodian to issue the rollover check. Once we receive the check, it will be deposited into your 403(b) Savings Plan account, and you’ll receive written confirmation.