Began operation in September 1925 One of the oldest pension plans in the country The first pension plan for women Predated Social Security

A cash balance defined benefit plan Qualified under Section 401(a) of the Internal Revenue Code and governed by ERISA Most recent Determination Letter issued March 8, 2010 Pension benefits are insured by the PBGC

Safety Value of an account can never decline, no matter economic conditions An Annuity Option Guaranteed monthly income for life

Incorporated by act of New York State Legislature as a separate corporation Began with $1.8 million funding from JD Rockefeller Jr Enactment of ERISA (Employee Retirement Income Security Act) to protect employee pensions 1974 YWCAs voted for mandatory participation at National Convention 1976 Eligibility increased from one to two years Immediate vesting approved by Board of Trustees Increasing Portability Fund eliminated 1% administrative fee

2002 Important Changes Annual Association Election of Contribution Rate 10%7.5%5% 3% Fund Match 40% of Association Election 4%3%2% 1.2% Total Contribution to an Account 14%10.5%7% 4.2% Guaranteed Interest Credit based on 10-year treasury rate In-Service Distributions at age % Account Portability

How Do Accounts Grow? Association Contributions + Fund Match + Employee Optional Contributions + Interest Credits Account Balance =

Association Contribution Rate Fund Match Rate Fund Account Value* at age Annual Annuity at age Percent %4%$4,255$31,161$69,785$257,199$20, %3%$3,192$23,371$52,338$192,899$15,672 5%2%$2,128$15,581$34,892$128,600$10,452 3%1.2%$1,277$9,348$20,935$77,160$6,264 Example: Becomes a Fund Participant after 2 years at age 41 ‐ Earns $29,705 per year * Assume 5% interest credit and 3% salary increase.

Benefit Distribution Options Annuitize the account and receive a guaranteed monthly pension check for life Rollover the account into another plan or IRA Receive a lump sum refund of the account Leave the account with the Fund

The FundThe YWCA Ensure safety of assets necessary to pay out promised, guaranteed benefits Ensure compliance with the regulations of ERISA Ensure compliance with the eligibility-enrollment regulations under ERISA Ensure compliance with the timely submission of employee contributions as required by the DOL and IRS

The Fund has two primary goals The First Eliminate the Need for Retroactive Enrollments The Second Eliminate the Need for Form 5330 Filings

COMPLIANCE REVIEWS required in Independent Auditors Report Compliance Review Findings Retroactive Enrollments Required Participants Contribution Contributions YWCAsParticipantsRetroMaximumAnnual $42,414$23,715 $26, ,84236,543 22, ,36648,620 30, ,41235,173 16, ,5314,203127,800

Helps YWCAs to Track Employee Eligibility

Monthly Retirement Contribution Template

Inquire through

Form 5330 Filing Trends YWCAsContributionsInterestIRS Penalty $302,047$743$ , , , , , An ERISA Requirement no later than 15 days following the month of withholding prohibited transaction file Form 5330 and pay an excise tax

Paying retirement contributions by ACH

ACH Authorization Agreement

Monthly contribution template Electronic Payment Methods (Agreement must be on file with the Fund) Mark X next to the appropriate option ____ ACH Credit – YWCA issues credit to the Fund’s bank account for the amount due. __X_ ACH Debit – The Fund issues debit to the YWCA’s bank account for the amount due. ____ Upon receipt of template but no earlier than 1 st of the following month. __X_ On due date, 15 th calendar day of the following month. Authorized by ________Jane Doe___________ Title ___Accounts Payable Manager_________Date ____April 3 rd, 2011_____ Electronic Payment Methods (Agreement must be on file with the Fund) Mark X next to the appropriate option ____ ACH Credit – YWCA issues credit to the Fund’s bank account for the amount due. __X_ ACH Debit – The Fund issues debit to the YWCA’s bank account for the amount due. ____ Upon receipt of template but no earlier than 1 st of the following month. __X_ On due date, 15 th calendar day of the following month. Authorized by ________Jane Doe___________ Title ___Accounts Payable Manager_________Date ____April 3 rd, 2011_____

A New Feature On-line Retirement Benefit Estimator Available: 3 rd Quarter 2011

Thank you!