There are various accounts maintained in the Retirement Plan. All current and past participants have a YMCA Account and/or a YMCA Account (Legacy). If you work for a YMCA that requires contributions from you, you will also have a Personal Account. You may also have a Personal Account depending on when you were enrolled in the Retirement Plan.

Current participants may also open and contribute to an After-Tax Account.

Depending on when you were enrolled in the Retirement Plan, you may have various additional accounts. These accounts do not take new contributions, but they continue to earn the same interest as all other accounts.

 

Participants who were enrolled in the Retirement Plan and began participation on or after July 1, 2009 will have a YMCA Account, but not a YMCA Account (Legacy). The YMCA Account (Legacy) is a historical account, for participants who were enrolled before July 1, 2009. If you participated in the Retirement Plan before and after July 1, 2009, you have both accounts.

The YMCA Account holds contributions to the Retirement Plan, paid by the YMCA, for payroll dates on or after July 1, 2009, determined by your YMCA's participation agreement with the YMCA Retirement Fund, plus the interest credited. The YMCA Account (Legacy) holds those contributions made by the YMCA before July 1, 2009. Although no new contributions will be made, it continues to earn interest.

The important difference between the two accounts is in the withdrawal rules.

For the YMCA Account:

• If you are under age 55, you may withdraw if your balance is $5,000 or less at the time that you request the withdrawal
• If you are age 55 or older, you may withdraw if your balance is $25,000 or less at the time that you request the withdrawal

For the YMCA Account (Legacy):

• You may withdraw if your balance was $25,000 or less at the time you terminated YMCA employment, regardless of your age.

 

Not all participants will have a Personal Account. This is the account that contains any contributions that you make by payroll deduction to the Retirement Plan, if your YMCA requires that you contribute.

Prior to July 1, 2009, if your YMCA paid these contributions for you, they were credited to your Personal Account and available to take in a withdrawal. Effective July 1, 2009, contributions paid to the Retirement Plan on your behalf by your YMCA are credited to your YMCA Account and must be annuitized.