Seattle Fire & Rescue Pension Fund
public plan · City of Seattle · Olympia, WA
Funding History
What This Means for You
Seattle Fire & Rescue Pension Fund is significantly underfunded at 53%, with $135.4M in unfunded liabilities affecting 8,961 participants. Plans at this funding level face difficult choices: raising contributions substantially, reducing future benefit accruals, or in extreme cases, applying for benefit suspensions. Public plans cannot declare bankruptcy, but severe underfunding may lead to reduced cost-of-living adjustments or increased employee contributions. If you are a participant, it is important to understand your options and consider diversifying your retirement income sources.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $155.3M | $290.7M | 53.4% | $6.5M |
| 2024 | $155.2M | $286.8M | 54.1% | $9.2M |
| 2023 | $148.8M | $275.1M | 54.1% | $9.0M |
| 2022 | $137.7M | $335.1M | 41.1% | $8.5M |
| 2021 | $134.4M | $243.5M | 55.2% | $7.1M |
Frequently Asked Questions
Seattle Fire & Rescue Pension Fund is 53% funded, meaning it has 53 cents in assets for every dollar in future benefit obligations. This is significantly underfunded and participants should monitor the situation closely.
Seattle Fire & Rescue Pension Fund has 8,961 total participants, including 3,777 active employees and 5,184 retirees currently receiving benefits.
Seattle Fire & Rescue Pension Fund is not covered by the PBGC. Benefits depend entirely on the plan's assets and the sponsor's ability to fund it.
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.