Retirement Programs Overview
Retirement Programs Overview
Whether you are an active employee saving and planning for retirement or are thinking about retiring and starting DRS benefits, we have the information you need about the plans offered through the City of Bellevue, along with other helpful resources.
How to Login to City of Bellevue Retirement Plan Websites
City of Bellevue Human Resources Contacts
HR Administrative Line (425) 425-6838
Steve Treperinas (425) 452-7198 Retirement
Checklist
DRS
DRS
The Washington State Department of Retirement Systems (DRS) administers retirement benefits for public employees.
- Participation is mandatory with DRS.
- Each plan has its own formula, service credit and retirement age eligibility.
- Click on the link above for helpful plan information.
- All plans (except PERS 3) are defined benefit plans, which offer a lifetime monthly pension based on a formula.
- PERS 3 is a combination plan, consisting of a defined benefit formula and defined contribution payroll deductions.
It’s best to complete retirement applications 3-12 months before retiring. See Steps To Retire and their Retirement Planning Checklist, for helpful information.
Note: when you select a date to collect retirement benefits with DRS, your monthly benefits will take effect the first of the month following your last day worked or paid through the City of Bellevue. You will receive your first check from DRS at the end of that month. For example. if your last day worked is June 1, your DRS benefits will take effect July 1 and you will receive your first check the end of July.
1(800) 547-6657
Life Stages
DRS Plans
Educational Information
MEBT 401(k)
MEBT 401(k)
MEBT is a voluntary 401(k) plan offered to eligible City of Bellevue employees.
1(877) 690-5410
- You may contribute through pre-tax, ROTH or after-tax payroll deductions.
- When you contribute to MEBT, there is an employer match of approximately $0.90 for each $1 you contribute, up to 6.2%.
- City contributions vest, or belong to you, over time, with full vesting at 3 years.
- Access the MEBT website above to enroll, make changes to contributions, and locate plan forms and information.
- You may enroll or make changes anytime.
- Account balances are based on contributions plus earnings or losses.
- When you leave the city, you can receive your vested account balance.
457 Deferred Compensation Program (DCP)
457 Deferred Compensation Program (DCP)
The Washington State Department of Retirement Systems (DRS) administers the voluntary Deferred Compensation Program (DCP) for many public employees. It is an extra retirement savings program that can help you reach your retirement goals. Click on the link below for helpful resources and videos.
1(888) 327-5596
- You may contribute through pre-tax or ROTH payroll deductions and choose your investments from a diverse selection of funds.
- Your initial enrollment is completed using paper forms, then once enrolled, any changes to contributions, investments and beneficiary designations are made through your online account.
- Click on the link above for helpful information and videos about the DCP plan.
- You may enroll or make changes anytime.
- Account balances are based on contributions plus earnings or losses.
Unique to DCP plans, when you leave the city, there is no IRS early withdrawal penalty for taking a distribution.
Social Security
Social Security
Social Security is part of Old-Age, Survivors, and Disability Insurance (OASDI), a social welfare and insurance program managed by the U.S. federal government. OASDI pays benefits to retirees, as well as to workers who become disabled and to survivors of deceased workers.
Medicare
Medicare
Medicare is the federal health insurance program, primarily for people age 65 and over. It also covers younger residents with certain disabilities and diseases. Go online or call Social Security at 1-800-772-1213 for more information about your Medicare eligibility and to sign up for Part A and/or Part B.
SHIBA
SHIBA
Statewide Health Insurance Benefits Advisors (SHIBA) are part of the insurance commissioner's consumer protection services, SHIBA provides free, unbiased, and confidential assistance with Medicare and health care choices.
Call the Insurance Consumer Hotline at 800-562-6900 for free help.
IRS Publications
IRS Publications
Internal Revenue Service (IRS) publications provide answers on nearly every tax topic you're likely to face. IRS publications are informational booklets written by the Internal Revenue Service that give taxpayers detailed guidance on tax issues.