Seattle Retirement Savings Plan

On November 28, 2017, the City of Seattle approved Ordinance 125467 to create a new Chapter 14.36 to the Seattle Municipal Code establishing a retirement-savings program for certain employees working in Seattle.

The legislation puts Seattle at the forefront nationally, becoming the first city in America to implement this type of city-facilitated, privately-administered plan.  Individuals are far more likely to save for retirement if they have an option available through their workplace, especially if they are automatically enrolled.  An estimated 200,000 of Seattle's workers (40%) have no access to a workplace retirement savings plan.  Of Seattle workers, people of color are disproportionately more likely to lack access to workplace retirement plans, and 68 percent of small business employees lack access.

This legislation enables employees to:

  • Opt out of the plan if they wish at any time,
  • Determine how much of their paycheck will be deposited in their personal IRA, and how their funds will be invested, and
  • Take their IRA with them when they change jobs - it will be portable and exclusively their own.

A Board of Administration will govern the Seattle Retirement Savings Plan (SRSP) pursuant to Chapter 14.36 of the Seattle Municipal Code.  The Board of Administration are as follows:

  1. Sally Bagshaw, Chair of the City Council's Finance & Neighborhoods Committee
  2. Andrew Beane, City Appointed Member
  3. Tim Burgess, City Appointed Member
  4. Jeff Davis, Seattle City Employees' Retirement System (SCERS) Executive Director
  5. Glen Lee, City Director of Finance
  6. Jason Malinowski, SCERS Chief Investment Officer
  7. Travis Rosenthal, City Appointed Member

Before establishing the SRSP and providing for enrollment, the Board shall conduct a market analysis to determine the feasibility and projected impacts of the SRSP and obtain legal advice to determine whether the SRSP conflicts with or is preempted by state or federal law.  The Board's initial report, which provides their findings and recommendations, can be found here.

The first meeting of the SRSP Board of Directors was held on Wednesday, May 30, 2018 at 2:00 p.m. in the Pacific Building, 720 3rd Avenue, 9th floor, Seattle, WA  98104. Please check the SRSP Event Calendar for future meeting dates and locations.  Agendas for the meetings can be found on the Event Calendar at least 24 hours in advance of the meeting date.  Please select the meeting to view the agenda.