Recitals:

The Seattle City Employees’ Retirement System (SCERS) currently pays interest on employee contributions at an annual rate of 5.75 percent (compounded annually) for contributions made on or before December 31, 2011, and an annually changing rate based on an average yield on 30-year U.S. Treasury Bonds (also compounded annually) for employee contributions made after December 31, 2011.

Seattle Municipal Code subsection 4.36.505.F provides that “[n]othing in this Section 4.36.505 shall be construed to limit the right of the Board, subject to approval of the City Council, to make changes in rates of interest whenever the Board deems it necessary or advisable.”

The SCERS Board of Administration, at its July 9, 2026 meeting, voted to adjust the annual interest rate for 2027 and intends to review the rate annually, based on market conditions. Therefore,

Be it resolved by the City Council of The City of Seattle, the Mayor concurring:

Section 1. The City Council approves the 2027 credit interest rate adopted by the SCERS Board of Administration of 4.83 percent (compounded annually) on all member contributions received after December 31, 2011. Member contributions received on or before December 31, 2011, will continue to accrue credit interest at a rate of 5.75 percent (also compounded annually). These rates will apply at the beginning of the first full pay period of 2027.

Adopted by the City Council and signed in open session in authentication of its adoption on .

President of the City Council

Signed in concurrence on .

Katie B. Wilson, Mayor

Attested on .

Lenné Dedman, City Clerk

Seal