Benefits - Financial Health
Being confident about your finances and setting aside money for the future are important parts of a healthy life. The City offers two programs to help you prepare financially for retirement. The first is the City's retirement system. Membership in the City of Seattle Retirement System is mandatory if you are hired into a civil service job. Upon employment, you automatically become a member. You contribute 8.03% of your salary to your retirement fund through payroll deduction (taken pre-tax). If you are a Civil Service exempt employee, membership in the City's Retirement System is optional and you may enroll at any time.
The second program is the City of Seattle Voluntary Deferred Compensation Plan. You may participate in the IRS Section 457 deferred compensation plan administered by Prudential Retirement by enrolling any time throughout the year. This plan allows you to save a portion of your annual income to supplement retirement funds. Contributions are made through payroll deductions from your pre-tax gross pay.
In addition to the City's retirement system and the voluntary deferred compensation program, the City schedules budget classes through the Employee Assistance Program, includes tips in the Take Charge wellness newsletter on how to use your health care plan wisely and save money, and coordinates presentations throughout the year on a variety of deferred compensation topics.
View the investment options at the Prudential website http://www.prudential.com/online/retirement.
Accessing Your Account
By Telephone: Dial 1-800-833-5761 to reach Prudential Retirement. Prudential's interactive voice response service is available virtually 24 hours a day, seven days a week.
Prudential Service Representatives are available Monday through Friday 5:00 a.m. to 6:00 p.m. Pacific Time. By phone you can enroll in the Plan, make exchanges among your investment options, redirect your contribution investment elections, change your contribution amount, obtain current quotes, prices, yields and account balances, apply for a loan, talk to a representative about the investment options, request literature such as distribution brochures, catch-up contribution brochures, prospectuses and statements, and create or change your personal identification number for the security of your account.
Log on to Prudential's website http://www.prudential.com/online/retirement to view current balances and chart savings, obtain daily fund quotes and real-time market options, review historical fund performance information, view your 90-day transaction history, order literature and prospectuses, change your investment elections, obtain Plan information, change your contribution amount, and apply for a loan.
Transaction requests confirmed after the close of the market, normally 1:00 p.m. Pacific Time, or on weekends and holidays, will receive the next available closing price.
Lunch & Learn
These sessions are provided to City of Seattle employees during the lunch hour so that you have access to health information such as starting a walking program, tips for getting your family active, nutrition, and additional topics.
Health promotion lunch and learn dates and times are posted throughout the year on the Benefits Calendar.
Most employees are covered by the City of Seattle Retirement System, located in the Pacific Building at 720 Third Avenue, Suite 1000. Information about this retirement plan and retiree medical plan options can be obtained by calling 386-1293. The City's retirement plan, by State of Washington law, allows for dual membership with other plans: LEOFF Plan 2 only (Police and Fire), Washington State Patrol (WSPRS), Teachers (TRS 1 & 2), Public Employees (PERS 1 & 2) and Statewide City Employees. If you previously contributed to one of these plans and have not retired from any of these systems (or received disability leave/retirement benefits), you qualify for dual membership. The three major advantages include:
Please contact the appropriate retirement office to discuss your individual benefit options. The Police Pension Board can be reached at (206) 386-1286 and the Firefighters' Pension Board phone number is (206) 625-4355.