You may withdraw your After-Tax Account and Rollover Account.
A 403(b) Smart Account is subject to withdrawal rules. You cannot withdraw from any other account.
 

You may withdraw the entire account at any time. However, partial withdrawals are not allowed.
 

While you are working for a participating YMCA, you can borrow money from your accounts in the Tax-Deferred Savings Plan (the 403(b) Smart Account and the Rollover Account). If you have both a Rollover Account and a 403(b) Smart Account, the amount you borrow will be split proportionally between the two accounts. You are not allowed to borrow from any other account.
 

When you take a loan, your account balance is reduced by your loan amount. As you repay your loan, those loan payments are treated as contributions. If you use the Annuity Estimate Calculator, it does not factor in a full loan repayment when providing you with an annuity estimate. If you have an outstanding loan that you plan to repay prior to retirement, please contact the Fund's Customer Service Department at (800) RET-YMCA for an accurate annuity estimate.

 

You can get more information on the program, as well as apply for a loan, by clicking here.
 

If you are currently working for the YMCA and have made contributions to the
403(b) Smart Account, you may withdraw these contributions if you have a financial hardship. The law defines a financial hardship as:

• Medical expenses incurred, or to obtain medical care for yourself or for your dependents
• Purchase of your primary residence
• Tuition payments for the next 12 months of college or graduate school for yourself or for your dependents
• To prevent eviction from or foreclosure upon your primary residence
• Payments for burial or funeral expenses for your deceased spouse, parent, child or dependent
• Expenses for the repair of damage to your primary residence that qualify for a casualty deduction*

*A casualty deduction is a deduction from taxes under Section 165 of the Internal Revenue Code. It generally occurs if someone has a loss of at least $100 due to a casualty which is not covered by insurance. Normally the loss must exceed 10% of their adjusted gross income to be deductible, but this 10% requirement is not applicable for hardship withdrawals.

Before you qualify for a hardship withdrawal, you must first withdraw any After-Tax or Rollover Accounts you may have with the Fund. You must also use the loan available through the Tax-Deferred Savings Plan. By taking a hardship withdrawal, you do not avoid paying taxes on the withdrawal. Furthermore, you are subjected to restrictions on your tax-deferred contributions in the year you withdraw and in the following year. Lastly, you may not make any voluntary contributions for six months after taking a hardship withdrawal.