Retirement and Investments


Deferred Compensation Program - 457 Plan

The city offers a deferred compensation program in which employees may set aside a percentage of their earnings on a tax-deferred basis for retirement purposes. The city contributes a percentage of base wage into the deferred compensation plan per the applicable labor contract.

Life Insurance

A group term life insurance policy is provided to each employee at a value equivalent to the annual salary, up to $50,000, unless otherwise specified in the applicable labor contract. Employees represented by the Police Guild are provided with a group term life insurance policy equivalent to the annual salary rounded to the nearest $1,000. Each eligible dependent is also provided with a $1,000 policy. There is no cost to the employee.

Additional life insurance is available for employees and their dependents at the group rates according to age bands. Employees may apply for additional life insurance upon hire or during open enrollment.

Please click on the below links to view the current life insurance certificates:
- Class 1, Police commissioned and non-commissioned;
- Class 2, City Councilmembers;
- Class 3, AFSCME and non-represented.

Long Term Disability Protection

Many employees are provided with a long term disability policy up to the equivalent of 60% of their salary, as specified in the applicable labor contract.

Please click on the below links to view the current long term disability certificates:
- Class 1, Non-represented and AFSCME supervisors;
- Class 2, AFSCME employees except supervisors, and Police non-commissioned;
- Police Guild (Officers and Sergeants)

Retirement Plan

All eligible employees must establish membership in the State of Washington Department of Retirement Systems. Both the employee and employer contribute to the plan. Eligible employees participate in one of the retirement systems administered by the Washington State Department of Retirement Systems (DRS) as listed below:

Plane Eligible Positions
Public Employees Retirement System (PERS): The majority of retirement-eligible, regular positions with the City of Renton, such as Maintenance Worker, Civil Engineer, etc.
PERS Plan 1  Employees who established membership before October 1, 1977.
PERS Plan 2  Employees who established membership on or after October 1, 1977 and before September 1, 2002, and have not transferred to Plan 3; or on or after September 1, 2002 and chose Plan 2.
PERS Plan 3  Employees who were employed and established membership on or after October 1, 1977 and before September 1, 2002 and transferred to Plan 3; or 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, are covered by LEOFF Plan 1.
LEOFF Plan 2 Full-time law enforcement officers and firefighters who were employed and established membership on or after October 1, 1977, are covered by LEOFF Plan 2.
Public Safety Employees Retirement System (PSERS) Employees in pre-defined public safety occupations, such as Correctional Officer.

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