Voluntary contributions made pre-tax by the employee through payroll deduction to the Tax-Deferred Savings Plan, plus interest credits. Taxes on the principal and earnings are deferred until distributions are received.
 

A condition that exists when the market value of the Fund's investments is less than its liabilities.
 

A condition that exists when the market value of the Fund's investments is greater than its liabilities.
 

A person who computes premium rates, dividends and risks according to probabilities based on statistical records.
 

Additional contributions to the Retirement Plan, paid by the YMCA, for payroll dates prior to 7/1/09, as determined by that YMCA’s participation agreement.
 

After-tax, voluntary contributions made through payroll deductions or in a lump sum, plus the interest credited.
 

Investments in private securities, venture capital, real estate and other non-traditional issues. These are higher risk securities that usually reward investors over the very long term.
 

The calendar date one year after the date of hire, and each year after that.

Example: Mark was hired on March 12, 2008. His Anniversary Date is March 12.
 

An Anniversary Year is 12 months of employment after the hire date.

Example: Mark was hired on March 12, 2008. His anniversary year will run from March 12, 2008 until March 11, 2009.

 

Retirement income that is paid on a regular schedule for life, or for the life of a participant and his/her survivor.
 

A type of investment like stocks, bonds or real estate.
 

The investment management strategy of choosing various asset classes—such as large cap domestic stocks, small cap domestic stocks, international stocks, US bonds and private equities—to achieve the best risk-return mix.
 

The market value of an investment portfolio.
 

A broad-based indicator of how similar investments are performing. The success of an investment is measured against a benchmark.
 

The person or organization designated as the recipient of benefits after death.
 

The amount of a participant’s wages and compensation that is reportable in Box 1 of IRS Form W-2, plus any amounts contributed on a pre-tax basis via a salary reduction plan, minus any severance payments paid after termination of employment.
 

Money sent to the YMCA Retirement Fund, either by an individual YMCA or as a payroll deduction or lump sum from an employee.
 

Lending to a private corporation. Bonds are issued at a particular interest rate and include a specific maturity date at which time the principal will be repaid.
 

Money withdrawn by a terminated participant from any of their accounts, or sent to them as a result of a plan or IRS rule.
 

A 10% federal excise tax that applies to Plan participants who are under the age of 59 1/2 and take a withdrawal from available accounts.
 

The requirements of the Retirement Plan that an employee must meet in order to participate.
 

A person who works for a YMCA, including part-time, full-time and seasonal. See Pre-Eligible Employee for more information.
 

The first of the month following the Anniversary Date after an employee meets the Plan's eligibility requirements. If the Anniversary Date is the first of the month, then the Enrollment Date and Anniversary Date are the same.
 

The U.S. Department of Labor has regulations for determining hours of service where a YMCA does not track hours worked. The method to be used is based on your YMCA's payroll frequency. Refer to Section 2.2(b)(iii) of the Retirement Plan Document for details.
 

The Employee Retirement Income Security Act of 1974, as amended. A federal law which sets minimum standards for most pension plans and protects the individuals under them.
 

An account that was created in 1989 by the Fund for vested participants. These accounts earn interest but no contributions are made.
 

A person or organization responsible for taking care of someone else's plan money, or responsible for plan administration per ERISA.
 

All contributions and interest in a YMCA Account, or in a YMCA Account (Legacy), that a non-vested participant loses if they leave and do not return to active YMCA service within six years. This total amount is applied to their YMCA as credit, which the YMCA then uses to reduce its future YMCA contributions.
 

A type of savings account that allows people to save for current and future medical expenses on a tax-free basis. In order to be eligible to open an HSA, a person must be covered by a qualified High Deductible Health Plan (HDHP).
 

A type of medical insurance plan with a lower premium and a high deductible. An individual with a qualified High Deductible Health Plan (HDHP) may save in a Health Savings Account (HSA).
 

A mutual fund that invests only in one of the several dozen funds used as standards of the industry, e.g. the Dow Jones Industrials or the Standard and Poors 500, and tries to mirror the performance of that fund.
 

A percentage rate paid to the participants' accounts under the Fund's Plans. The percentage rate is set by the Fund's Board of Trustees.
 

Stock in corporations with operations primarily outside the U.S.
 

An annuity that will continue paying some or all of the retiree's annuity to a survivor after the retiree's death. Depending on the retiree's chosen annuity option, the survivor will receive a lifetime annuity equal to 50%, 75% or 100% of the annuity paid to the retiree.
 

Stock of corporations with large capitalization. Large cap stocks typically have outstanding market value of $5 billion or more.
 

Employees who perform services for a YMCA under a contract between a leasing organization and the YMCA.
 

The present value of future benefit distributions as determined by the actuary.
 

Stocks, bonds and short-term instruments that can easily be converted to cash.
 

An employee of a local YMCA who is responsible for the processing of retirement information and contributions for the local staff.
 

An annuity option that provides a monthly annuity for life. Upon death, there is no benefit paid to a survivor or beneficiary.
 

Investment results minus the cost of investing.
 

A person who has an account in the Retirement Plan.
 

A month in which a contribution has been made to the Retirement Plan in the participant's name.
 

Contributions to the Retirement Plan, paid by the participant (as determined by the individual’s YMCA’s participation agreement with the YMCA Retirement Fund), plus the interest credited. This Personal Account includes any contributions to the Retirement Plan paid by the YMCA on behalf of the participant, for payroll dates prior to July 1, 2009.
 

Total combined investment owned by an individual or organization.
 

An employee of a YMCA who is not yet eligible to participate in the Retirement Plan. Pre-eligible employees may open and make contributions to a 403(b) Smart Account or roll money into a Rollover Account from the first day of employment.
 

Class of capital stock that pays dividends at a specified rate and has preference over common stock in the distribution of dividends and the liquidation of assets.
 

A benefit is paid to the beneficiary if a participant dies before starting their annuity. If the participant dies while employed by a participating YMCA, the benefit will be the greater of $10,000 or the sum of the Personal Account (paid by either the participant or the YMCA) and the YMCA Account. If the participant was not employed by a participating YMCA at the time of death, the benefit paid will be the sum of their vested accounts. Regardless of the participant's employment status, a beneficiary is entitled to any monies in the participant's voluntary and additional accounts.
 

An annuity option which provides you with a monthly annuity for your lifetime. If you die prior to having received the amount of your total balances at the time you retired, your beneficiary will receive the remaining amount.
 

A Qualified Domestic Relations Order (QDRO) is a court order in a divorce action that distributes the retirement assets earned during a marriage. This order directs the Fund to set aside a portion of the participant's accounts for the ex-spouse or for dependent children.
 

Assets needed now that equal the present value of future benefit distributions as determined by the actuary.
 

The legal document which defines the terms and conditions of a YMCA’s participation in the Retirement Plan and Tax-Deferred Savings Plan.
 

An amount that is set aside at the time of retirement for use as a death benefit. The amount of the Retired Death Benefit is equal to the first year's maximum annuity based solely on the basic Plan contributions.
 

The age at which you choose to begin receiving your annuity. The earliest retirement age is 55.
 

The first day of the month when you choose to begin your annuity. The retirement date must be after you sever YMCA employment. Example: John is age 62 and his last working day at the YMCA is October 11, 2008. He may choose a Retirement Date anytime on or after November 1, 2008.
 

Pre-Tax retirement savings transferred to the Tax-Deferred Savings Plan from an eligible employer plan under IRS Code Section 401(a), 401(k), 403(a), 457(b), a tax-sheltered annuity under IRS Code Section 403(b) or a Traditional IRA, or tax-deferred money from a SEP IRA or SIMPLE IRA plan established at least two years ago. Amounts rolled over to the Retirement Plan before March 1, 2003 are accounted for under that Plan.
 

This option provides a monthly annuity check for life. Upon death, there is no annuity benefit paid to a survivor.
 

Stock of corporations with small capitalization, usually with an outstanding market value between $200 million and $2 billion.
 

Amounts paid in addition to a retiree's twelve regular monthly annuity payments if and when voted by the Board of Trustees.
 

The target distribution of investments set by an investment committee.
 

The first day of the month following a participant's final compensation.
 

A period of up to six years during which a terminated participant may return to YMCA employment and resume participation immediately.
 

When a right to collect a benefit is non-forfeitable.
 

403(b) Smart Accounts, After-Tax Accounts, and any Rollover Account.
 

Money elected by an active participant to be taken out of a Voluntary Account.
 

The YMCA Electronic Retirement Data Interchange is the web-based application that enables YMCAs to enter and maintain compensation and contribution data pertaining to their employees' participation, and to transfer that information electronically to the YMCA Retirement Fund.
 

Contributions to the Retirement Plan, paid by the YMCA, for payroll dates on or after July 1, 2009, determined by the individual YMCA's participation agreement with the YMCA Retirement Fund, plus the interest credited.
 

Contributions to the Retirement Plan, paid by the YMCA, for payroll dates prior to July 1, 2009, determined by the individual YMCA's participation agreement with the YMCA Retirement Fund, plus the interest credited.