Employees and the City make contributions to the Washington Department of Retirement Systems’ LEOFF Plan.
Under Social Security’s Government Pension Offset, any Social Security spouse’s or widow’s or widower’s benefits you may be entitled to will be reduced based on any pension you receive from the City’s retirement plan.
SOCIAL SECURITY REPLACEMENT
In lieu of Social Security, the City provides an alternative plan through the ICMA Retirement Corporation. The employee contributes 6.20% and the City contributes 4.77% of the employee’s salary. The employee’s investment choices range from conservative (low risk) to aggressive (high risk) opportunities. Employees are immediately 100% vested in the plan.
Under Social Security’s Windfall Elimination Provision, any Social Security retirement or disability benefits you may be entitled to will be reduced based on any pension you receive from this replacement plan.
VOLUNTARY 457 DEFERRED COMPENSATION PLAN
Participation in a 457 deferred compensation plan is available to employees through payroll deduction. This is an optional investment program offered through the ICMA Retirement Corporation or Washington Department of Retirement Systems. The City matches an employee’s contribution up to 6% of the employee’s base monthly pay rate.