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Guide to Retirement

Plan now for Retirement

If you’re like most of us, you probably believe that retirement planning is something that you start thinking about when the end of your career is in sight. Nothing could be further from the truth. The secret to a successful retirement is getting started early: it’s never too early to start planning and saving for your retirement. 

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2. Getting Ready to Retire

I. Healthcare Reimbursement Plans

Healthcare reimbursement plans are not insurance plans. Reimbursement plans help cover your out-of-pocket medical expenses, including insurance premiums.

The Medical Expense Reimbursement Plan (MERP)

Medical Expense Reimbursement Plan (MERP) benefits go toward one of the biggest hurdles in retirement: medical expenses. Local 27 helped bring this valuable benefit to its members. MERP is an entirely tax-sheltered plan that can be used to pay health insurance premiums and other medical expenses in retirement. The City of Seattle contributes $75/month and members contribute $100/month.

Your monthly MERP benefit is calculated as follows: ASU x Unit Multiplier (.41) + sick leave conversion = your monthly benefit amount.

To calculate the MERP benefit you will be entitled to in retirement, visit the SFFHCT Access Portal.

The Retirement Security Fund (RSF)

The Retirement Security Fund is a medical expense benefit for Local 27 members. Every eligible retiring member of Local 27 receives a monthly benefit to help pay for one of the most significant costs in retirement: medical expenses. The benefit lasts for seven years, and the money is deposited into your RSF account once every quarter. You can use the funds in your RSF for insurance premium reimbursements and/or reimbursement for other qualified out-of-pocket medical expenses.

The RSF puts retirement timing in your hands and makes your retirement more financially feasible by lowering your retirement medical costs.

To be eligible for RSF benefits, you must be a member of the Local 27 bargaining unit who retired on or after January 1, 2018, and have served the most recent 20 years in the Local 27 bargaining unit or have served your most recent 15 years of service in the bargaining unit represented by Local 27 and turned 50 at the time of your separation.

You don’t need to track when you are eligible for the RSF. You will be notified by email and printed mail after you retire.

Learn more about the RSF