Step 1. Your Details
You can use the information shown below or customize it before going to
Step 2
to see your projected income.
1) Your percentage of pay is shown on your annual Benefits Statement, or you can ask the person who administers the Retirement Plan at your YMCA.
2) The 15+ Years of Service Catch-Up allows long-term participants to increase their savings to “make up” for those career periods when they did not maximize their tax-deferred contributions. To be eligible, you must have worked for a YMCA for at least 15 years and your previous tax-deferred contributions could not have exceeded an average of $5,000 per year of service. You may not use more than $15,000 of catch-up contributions over your lifetime, limited to $3,000 in any one year. For 2006 and thereafter, the lifetime limit is reduced by any designated Roth contributions you may have made in earlier years.
3) Participants who are age 50 or older (or will turn age 50 during the calendar year), are allowed to increase their annual tax-deferred contributions by $5,500. By taking advantage of the Age 50+ Catch-Up, your total contribution limit also increases by $5,500.
If you are eligible, amounts are attributed to the 15+ Years of Service Catch-Up first (to the extent it is available) and then to the Age 50+ Catch-Up. For example, if you are age 50 or over and also eligible for the entire $3,000 for the 15+ Years of Service Catch-Up, you can save $25,000 tax deferred in 2009 ($16,500 from the basic limit plus $3,000 of 15+ Years of Service Catch-Up plus $5,500 for Age 50+ Catch-Up).
