Seattle mayor proposes city-run retirement plan

Seattle mayor proposes city-run retirement plan

Seattle is proposing retirement savings accounts for all employees. Mayor Tim Burgess is seeking to establish a city-run retirement plan. His budget proposal includes funds for a feasibility study and legal analysis. He is proposing an ordinance to establish the program, to be passed with the budget. Under the plan, employers not offering retirement accounts would need to enroll employees in the city plan and deduct money from their paychecks. Employers would be prohibited from contributing to the plan and employees may opt-out if they choose. The account would be tied to the employee, and is transferable if the employee changes their place of employment. Send questions or comments to jillianh@wahospitality.org.