Department of Retirement Systems (DRS)
The Washington State Department of Retirement Systems (DRS) administers all retirement systems for public employees, including Police Officers and Fire Fighters. City of Redmond employees may belong to one of six DRS plans, including: PERS 1, PERS 2, PERS 3, PSERS 2, LEOFF 1, or LEOFF 2.
Each plan is a defined benefit plan that provides full pension benefits based on the retirement eligibility age of the member. The PERS 3 plan offers, in addition to a defined benefit, a member funded defined contribution component. Current handbooks outlining the details of each plan, as well as forms and other helpful information, are available on the DRS website link below.
MEBT
The Municipal Employees’ Benefit Trust (MEBT) officially began in the City of Bellevue, WA, on October 1, 1972. The Trust was created to manage the assets of the employee retirement benefit Plans (the Plans) of certain cities in the State of Washington. Each of the Cities withdrew from or elected not to participate in coverage under the Social Security Administration. MEBT is governed by a five-member leadership body appointed by the Bellevue City Manager. MEBT investments total approximately $1 Billion (a/o 3/31/21) for its 5,800 members in the entities of Bellevue, Edmonds, Federal Way, Kirkland, Mill Creek, Redmond, Woodinville and NORCOM. Although the investments are jointly managed by the MEBT Board, each City has its own individually designed Plan document, which governs its participation, contributions, and disbursements.
To enroll, update contributions, or update beneficiaries please visit the MEBT website or mobile app (links below).
- MEBT Website
- City of Redmond MEBT Benefit Plan SPD
- MEBT Plan Document
- Your Retirement Plan Account App
- Helping to Keep Your Account More Secure
- MEBT Enrollment Flyer
- MEBT Roth FAQ
457(b) Deferred Compensation Plan
Participation in the 457 Deferred Compensation Plan provides you with a great way to either start or continue saving for retirement.
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It's easy. Your contributions are automatically deducted from your paycheck on a pre-tax basis. You don't have to pay taxes on your account until you take money out of your Plan, so your saving can potentially benefit from years of tax-free compounding.
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It's smart. The money you put into your Plan reduces your current taxable income dollar for dollar. As a result, you'll pay less in taxes each pay period.
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It's flexible. No matter what type of investor you are or where you are in your career, you can choose from a wide variety of funding options to suit your needs.
Enrollment is easy, just use the EnrollNow Website, print out your confirmation page, return it to Human Resources and you are all set!
For more information on the plan, to updated your contributions, or to change your beneficiaries check out these resources:
Your Account Representative:
Ty V. Lee
Financial Planner | Financial Services Representative
4301 S Pine St. Ste. 626 Tacoma, WA 98409
| T. (253) 620-9539 | C. (206) 619-0171 | F. (253) 442-2779
Customer Service: Mon - Fri, 7 am - 4 pm (PST) 1.800.543.2520
Medicare
Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).
Social Security
On January 5, 2025, the Social Security Fairness Act, HR 82, concerning the Windfall Elimination Provision and Government Pension Offset, was signed into law. Upon implementation, the Social Security Fairness Act eliminates the reduction of Social Security benefits while entitled to public pensions from work not covered by Social Security. The Social Security Administration is evaluating how to implement the Act. For more information on how this may impact your individual benefits please visit the Social Security Fairness Act page or contact the Social Security Administration office.
Social Security has provided financial protection for our nation's people for over 80 years. Chances are, you either receive Social Security benefits or know someone who does. With retirement, disability, and survivors benefits, Social Security is one of the most successful anti-poverty programs in our nation's history.