Embedded Files
The YRetirement 403(b) Savings Plan is a valuable benefit that helps you save for your future. This plan offers an excellent way to invest in your retirement, and we're thrilled to announce some new features to enhance your financial flexibility.
What's even better is that you can enroll in or make changes to these plans at any time. We encourage you to consider this opportunity to invest in your retirement, and if you haven't already, this is the perfect time to get started.
YRetirement Tax-Deferred 403(b) Savings Plan:
The YMCA Retirement Fund’s Tax-Deferred 403(b) Savings Plan is an easy and accessible way for YMCA employees — like you! — to start saving for retirement.
No amount is too small! You have the flexibility to contribute any amount of your pay, whether it's a flat amount or a percentage, to your Tax-Deferred 403(b) Savings Plan.
Features of the Tax-Deferred 403(b) Savings Plan:
Flexible Contributions: Contribute any amount of your pay to the plan, whether it's a flat amount or a percentage of your earnings.
Tax Benefits: Enjoy tax-deferred savings, which means you won't pay federal income tax on your contributions or account earnings until you choose to access your retirement funds.
Reduced Taxable Income: Contributing to the plan can lower your taxable income, providing potential tax savings, and many individuals find they pay income tax at a lower rate in retirement.
Eligibility: All paid employees of participating YMCAs can enroll in the Savings Plan, regardless of age, compensation, hours worked, or length of service.
Loan Options: While employed at a participating YMCA, you can borrow from your Savings Plan if the need arises.
Rollover Opportunities: You may roll over money from qualified plans into a Rollover Account within the plan, providing more control over your retirement savings.
ROTH Savings Plan:
The Roth Account option provides even more flexibility in your retirement planning. Here's what you need to know about the Roth Account:
Eligibility: Any paid employee of a participating YMCA can contribute to the Roth Account, regardless of compensation, age, hours worked, or length of service, just like the current Tax-Deferred Account.
Tax Treatment: Contributions to the Roth Account will be made via payroll deduction and taxed in the year of the contribution.
Tax-Free Withdrawals: At retirement, contributions and interest in the Roth Account are tax-free if you are age 59 ½ or older and satisfy the 5-calendar-year requirement.
Competitive Rates: Contributions to the Roth Account will receive Interest Credit and Annuity Conversion Rates established and reviewed periodically by the YRetirement Board of Trustees.
Rollover Option: You have the option to roll in employer-sponsored Roth retirement savings accounts from past jobs into a new Roth Rollover Account.
The Roth Account in the YRetirement Tax-Deferred 403(b) Savings Plan offers you the flexibility to save for your financial future in a way that best aligns with your unique retirement goals.
Please use the resources below for more information:
Key Differences Between the ROTH Account and the Tax-Deferred Account
Discover a wealth of retirement insights by visiting yretirement.org. Create your account or check in throughout the year for up-to-date resources and tools to guide your retirement planning journey.
Need Help or Have Questions? Contact Human Resources!
Whether you need assistance with understanding your benefit options, have questions about enrollment, or require guidance on any aspect of the process, we're just a message or call away.
How to Reach Us:
Email: kbibb@ymcabham.org
Phone: 205-801-7209
Page updated
Report abuse