Retirement and Investments

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Retirement and Investments

Retirement Plan

All eligible employees participate in one of the pension plans administered by the Washington State Department of Retirement Systems (DRS). Both the employee and employer contribute to the plan. Eligibility is based on job type, defined by DRS as listed below.

Plane	Eligible Positions
Public Employees Retirement System (PERS)	Employees in regular positions, other than law enforcement and corrections officers, will participate in one of the PERS Plans. Supplemental employees who meet the DRS hours and length of service eligibility rules will also participate in one of the PERS Plans.
*PERS Plan 1*	Employees who established membership in PERS 1 before October 1, 1977.
*PERS Plan 2*	Employees who established membership between October 1, 1977, and September 1, 2002, and have not transferred to Plan 3. And employees who established membership on or after September 1, 2002, and chose Plan 2.
*PERS Plan 3*	Employees who established membership between October 1, 1977, and September 1, 2002, and transferred to Plan 3. And employees who established membership on or after September 1, 2002, and chose Plan 3.
LEOFF Plan 1	Full-time law enforcement officers and firefighters who were employed and established membership before October 1, 1977.
LEOFF Plan 2	Full-time law enforcement officers and firefighters who were employed and established membership on or after October 1, 1977.
Public Safety Employees Retirement System (PSERS)	Employees in pre-defined public safety occupations, such as Correctional Officer.

Deferred Compensation Program - 457 Plan

To help provide for a financially secure retirement, the city contributes a percentage of regular employees' base wages into the deferred compensation plan. The percentage of City contributions varies by job type, based on applicable bargaining unit agreements.

Employees may also choose to contribute to the plan, by setting aside some of their earnings for retirement, either on a tax-deferred basis or after-tax as Roth contributions.

The City uses TIAA to administer the plan and offers a broad range of investment options.

CITY OF RENTON WASHINGTON