Whether you are a new employee or have been working at the YMCA for a while, you can roll over amounts from a previous employer's pension plan or your own IRA into a Rollover Account in the YMCA Retirement Fund Tax-Deferred Savings Plan.

If you are not currently working at a participating YMCA, you are not eligible to roll money into the Savings Plan.
 

The Savings Plan accepts certain amounts from qualified plans, tax-deferred annuities, deferred compensation governmental plans and Traditional IRAs. It also accepts SEP IRAs and SIMPLE IRA plans that were established at least two years ago by the employer for the employee. The Savings Plan does not accept Roth IRAs or IRAs containing after-tax contributions.
 

While your rollover is in the Savings Plan it will receive the same interest credits as all other accounts at the Fund.
 

Yes. You may withdraw your Rollover Account at any time regardless of your age, account balance or whether or not you are still working for a YMCA. However, keep in mind that unless you roll this money over to an IRA or eligible employer plan, it is subject to taxes and penalties:

• The Fund is required to withhold 20% for federal income taxes (state laws vary).
• If you are under age 59 1/2, the IRS may require you to pay an additional 10% penalty when you file your year-end income taxes.

 

It depends on how long the rollover has been with the Fund. Rollovers with the Fund for 10 years or more will be annuitized at the current rate when you begin receiving your annuity. However, rollovers that have been with the Fund for less than 10 years will be annuitized at a lower rate.
 

The Fund does not accept rollovers of after-tax contributions.
 

In general, you may only roll over money that is in your name into your account. However, if you are a surviving spouse and you receive a taxable distribution from your deceased spouse's pension plan, you may roll it over to the Fund.
 

Download the Rollover to the Tax-Deferred Savings Plan. We also recommend that you contact the organization that currently holds your money and find out what process they have for you to follow to roll over your account.