At the YWCA Retirement Fund, we rely on the dedicated administrators at each association to help fulfill our joint commitment to the YWCA workforce. That means making sure that eligible employees are enrolled, that monthly contributions are on time, that we are kept up to speed on changes, and that we know each association’s contribution rate.
Whether you’re brand new to Fund administration or would like a refresher, here’s a quick rundown of the why and how of administrator duties.
Track and Enroll Eligible Employees
As YWCA participation in the Fund is mandatory, it’s important that eligible employees are enrolled with us on time.
The YETI system tracks eligibility automatically and will alert you when an employee is ready to be enrolled. Next:
* In the main menu, click the link You have # eligible employees to be enrolled and select the eligible employee.(The eligible date is shown in the “Will Be Eligible On” field. The qualifying years are shown in the Summary of Hours worked table.)
* You may review the anniversary year hours by clicking the anniversary year link.
* Click “Generate NOE Form” and follow the instructions to create the enrollment form. Sign it and upload it to the Fund’s File Transfer or Association Self-Service portal.
Upon enrollment, we will send the new participant a welcome package that includes their account number and instructions for online registration. They will also receive a quarterly online account statement and will have the option to choose “Go Paperless” in the Participant Self-Service portal.
Enroll Rehired Fund Participants
Once a participant, always a participant. That means that employees who left YWCA employment after they were enrolled in the Fund are automatically eligible upon rehire by a YWCA. To get them back in the system:
* Submit the return to active status within YETI.
* Ask the employee to designate a beneficiary. If they have signed up for self-service, they may view and update their beneficiary information within their online account portal. Alternatively, they may complete the B1 Form and submit it to our Member Services department.
* If the employee would like to make voluntary after-tax contributions, they may elect to do so within their self-service portal or by completing the A1 form.
* Upload completed forms to the Fund’s File Transfer system or Association Self-Service portal.
Remit Monthly Contributions
YWCAs must remit employee and association contributions together for participating employees each month for the duration of their employment. Contributions are due on the 15th of the following month. For example, February contributions are due on March 15.
If an employee chooses to make optional employee contributions through payroll deductions, The Department of Labor (DOL) requires that employee-withheld after-tax contributions be remitted to the Fund as soon as is feasible after separation from the employee’s paycheck. The 15th business day of the month is an outer limit only for optional contributions and more than three business days after separation is considered late.
After the association uploads all payroll files for the month, the system creates the retirement invoice for the month. Payment instruction is shown on this invoice.
* If your association is on auto debit, the Fund will issue an ACH debit for the invoice amount on the due date.
* If your association is not on auto debit, you must complete the payment section to authorize ACH and send the invoice to the Fund.
Notify Us of Employment and Organizational Changes
When a participating employee leaves YWCA employment, please submit a Change In Status Notice to the Fund to confirm. Complete the form when final payroll to the employee is known, then upload to the File Transfer system. Upon receiving the form, we will update the participant’s status and send them a letter that details their distribution options.
Additionally, administrators must update us on all association changes such as name, merger, acquisition, disaffiliation, closing etc. The law requires that we must notify participants of any impact to their accounts in advance, so please let us know two months before the change takes effect.
Elect Your Association’s Annual Contribution Rate
Each YWCA must elect its association contribution rate for the following calendar year during August to October. Associations may choose to contribute at 4%, 5%, 7.5% or 10% of employee gross compensation, corresponding to the Fund Match of 1.6%, 2%, 3%, and 4% respectively.
Got a question? Visit our For Administrators page or Contact us!
