Saving $200 million over the next 30 years, City Council approves new retirement plan for city employees

Chetanya Robinson

Chetanya Robinson Jun 30, 2025

Jan 12, 2018

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                <h1>Saving $200 million over the next 30 years, City Council approves new retirement plan for city employees</h1>
                <h2><p>The City Council approved a new retirement plan for city employees. New city employees who start work after January 2017 will take less out of their paychecks toward retirement, saving the city – and taxpayers – an estimated $200 million over the next 30 years. While city employees currently have 15.8%</p></h2>
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               <p>By <a href="/author/chetanyarobinson-gmail-com/">Chetanya Robinson</a></p> 
              <p><time datetime="2025-02-04T05:00:00-08:00">Jan 12, 2018</time></p>
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            <p>The City Council approved a new retirement plan for city employees. New city employees who start work after January 2017 will take less out of their paychecks toward retirement, saving the city – and taxpayers – an estimated $200 million over the next 30 years. While city employees currently have 15.8% of their wages set aside for retirement, this will decrease to 11.9% when the law comes into effect.</p><p>“City employees’ commitment to public service means they often make far less than they would in the private sector,” said Seattle Mayor Ed Murray. “We reached agreement with our union partners to generate substantial savings for the taxpayer, while also compensating our employees with a stable pension for their lifetime of work.”</p><p>During the City Council’s comment period, Councilmember Sawant said the new legislation would help the City’s lowest-paid employees see more pay.</p>
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The City Council approved a new retirement plan for city employees. New city employees who start work after January 2017 will take less out of their paychecks toward retirement, saving the city – and taxpayers – an estimated $200 million over the next 30 years. While city employees currently have 15.8% of their wages set aside for retirement, this will decrease to 11.9% when the law comes into effect.

“City employees’ commitment to public service means they often make far less than they would in the private sector,” said Seattle Mayor Ed Murray. “We reached agreement with our union partners to generate substantial savings for the taxpayer, while also compensating our employees with a stable pension for their lifetime of work.”

During the City Council’s comment period, Councilmember Sawant said the new legislation would help the City’s lowest-paid employees see more pay.

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By Chetanya Robinson

Chetanya Robinson is a former intern with Crosscut. He was born and raised in Seattle and graduated from the University of Washington in fall 2016. He enjoys reporting on an eclectic range of topics,