Your beneficiary will receive the greater of $10,000 or the sum of the amounts in your Personal Account and YMCA Account. Any voluntary accounts you have will be paid to your beneficiary as well. All benefits will be paid as either a withdrawal or an annuity.
 

Anyone or any organization can be named as a beneficiary. Single participants may choose any person or organization to receive their benefits. Married participants need notarized consent from their spouse if they do not name their spouse as their only primary beneficiary. For more details, see Your Guide to the YMCA Retirement Fund.
 

Generally, all people named as beneficiaries get the same choices regarding benefits. However, since estates, trusts, YMCAs and other organizations do not have a life expectancy, they may only take a withdrawal. They are not entitled to an annuity.
 

When you retire, you decide how your annuity will be treated after your death. If you select a Maximum Annuity option, it will provide you with the highest monthly annuity payment, but no payments will be made after your death. Under the Principal Guarantee option, you receive a lower monthly annuity, but upon your death, any remaining balance will be paid out to your beneficiary.

In addition, several of our options are Joint and Survivor options, which not only provide income for you but also for your named survivor after your death.
 

The Retired Death Benefit is equal to the amount you would receive your first year in retirement from the Maximum Single Life annuity, based solely on the basic plan accounts (the Personal Account, YMCA Account, YMCA Account (Legacy)).
 

At the time you retire there are several annuity options that provide payment to you and then to a survivor after your death.

If you should die before you retire, your beneficiary will be paid your account balances. At that time, they will choose whether they want to take the benefit in a lump sum or convert it into an annuity. Any beneficiary, not just a spouse, can choose to take an annuity from these accounts.
 

If your primary beneficiary predeceases you, your benefits are paid based on how you designated contingent beneficiaries. If you did not name any contingent beneficiaries, benefits will be paid to your estate or next of kin. In general, each beneficiary will make a decision to take a withdrawal or an annuity.