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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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3. At Retirement

E. Other Benefits Available to Seattle Fire Fighters

This section lists other healthcare and retirement benefits available to Seattle fire fighters.

(HELPS) Healthcare Enhancement for Local Public Safety Officers (HELPS)

The Healthcare Enhancement for Local Public Safety Offices program (HELPS) is a retiree healthcare benefit that provides a tax-free distribution of up to $3,000 from retirement plans to help retirees pay for health or long-term care insurance. This IAFF-negotiated benefit is only available to police and fire fighters.

The funds can be used to pay for coverage for the retiree, the retiree’s spouse, or dependents. The distribution must be made directly from the retirement plan to the insurance provider.

Many retired fire fighters have to pay for their health insurance. As an active employee, they could pay their premiums or health care costs with pre-tax dollars. HELPS extends this pre-tax benefit into retirement (for up to $3,000), which can yield an annual tax savings of around $750.

Learn more about the HELPS benefit

Deferred Compensation Plan

Thanks to a successful negotiation by Local 27, the City of Seattle’s contribution to your Deferred Compensation Plan (also known as a 457 plan) is pensionable. Local 27 members are among the few in Washington State to have this benefit. The City’s contribution increased from an initial 2% match to the current 4% mandatory match.

Learn more about the Deferred Compensation Plan