Planning and saving for your future is important. Whether you in the early or late stages of your career, the Port of Seattle offers employees programs, tools, and resources to help prepare for retirement. First, as employees of a public agency, Port employees are generally eligible for the Washington State Public Employees’ Retirement System (PERS) pension plans. Employees may also participate in pre-tax retirement savings through contributions to the 457 deferred compensation plan. Plus, for non-represented employees, the Port contributes matching funds into a 401(a) Supplemental Savings Plan account with matching amounts increased based on tenure.
If you are an employee represented by a collective bargaining agreement, please contact your union representative or the port's Labor Relations department with questions about your retirement benefits.
PERS: Public Employees' Retirement System
As employees of a public agency, Port employees are generally eligible for the Washington State Public Employees’ Retirement System (PERS) pension plans. Contribution and benefits rates are set by the state and include both employee and employer contributions. Pension benefit calculations are also determined by the state. Vesting (when you gain eligibility to receive a pension benefit at a future date) and retirement requirements are determined by age and years of service. Participation in the plan begins with the date of hire.
Washington State Department of Retirement Systems (DRS)
- Customer service: 1-800-547-6657
- www.drs.wa.gov
457 Deferred Compensation Plan
In addition to a pension plan, employees can save for retirement by participating in the Port’s 457 Deferred Compensation Plan. This is a voluntary tax-deferred payroll deduction savings plan for all non-represented and represented employees (note: interns, Veteran Fellows, and on-call employees are not eligible to participate).
MissionSquare – 457 Plan Administrator
- Customer service: 1-800-669-7400
- http://www.icmarc.org/portofseattlewa.html
401(a) Supplemental Savings Plan
If a non-represented employee chooses to participate in the 457 deferred compensation plan, the Port will contribute pre-determined matching funds into a 401(a) Supplemental Savings Plan after completion of six months of employment. The match amount is based on tenure:
|
401(a) Plan Matching Amounts |
|
| Length of Service | Port Match |
| 6 Months to 5 Years | $1,000 |
| 6 to 10 Years | $1,200 |
| 11 to 15 Years | $1,400 |
| 16 to 20 Years | $1,600 |
| 21 to 25 Years | $1,800 |
| 26 to 30 Years | $2,000 |
| 31+ Years | $2,200 |
Deferred Compensation Administrative Committee Meeting Minutes
