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The City of Seattle
Resolution /
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A resolution establishing the City Council’s intent to fund the Seattle City Employees’ Retirement System as informed by the January 1, 2026 Actuarial Study; and superseding Resolution 31334.
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Recitals:
The City of Seattle provides and manages a defined-benefit pension for its non-uniformed employees to serve as a source of retirement income.
The City Council previously declared, in Resolution 31334, its intention to fully fund the actuarially required contribution amounts into the pension system, including a plan to amortize the system’s unfunded liability in 30 or fewer years.
The January 1, 2026 valuation study performed by the Seattle City Employees’ Retirement System (SCERS) actuary identified the contribution rate necessary to fully fund the system.
The City will update its contribution rate to SCERS annually to a level not less than the actuarial required contribution for that year as determined by the most recent valuation. Therefore,
Be it resolved by the City Council of The City of Seattle, the Mayor concurring:
Section 1. The City will fully fund its actuarially required contributions to the Seattle City Employees’ Retirement System (SCERS). The City will base its contribution rate on a five-year smoothed asset valuation as described in the most recent actuarial report, and the rate will be sufficient to amortize the system’s unfunded liabilities in 30 or fewer years.
Section 2. To that end, the 2027 Adopted Budget will include sufficient appropriation for the City to maintain payment of 13.48 percent of regular (non-overtime) payroll into SCERS. This is greater than the employee contribution rates into the system. The employer contribution rate must not be less than the required Actuarial Contribution Rate of 13.48 percent and a combined contribution rate of 22.05 percent, as determined by the January 1, 2...
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