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LIFE PLANNING & INVESTMENTS

Life Planning 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.  Click on the link below to learn more information about the deferred compensation program:

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 Renton Firefighters Local 864, Battalion Chief/Safety Officer, and Police Officers’ 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.

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.

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:

PLAN NAME CITY OF RENTON 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.