MEBT Summary Plan Description
Summary Plan Description
September, 2002
Rev. July, 2003
Revised January 1, 2005
Prepared by Human Resources and the MEBT Plan Committee
MEBT
Municipal Employees’ Benefit Trust
City of Bellevue Employee’s Retirement Benefit Plan
MEBT Summary Plan Description
MEBT Summary Plan Description
September 2002
Dear City of Bellevue MEBT Participants:
The Municipal Employees’ Benefit Trust Plan Committee is pleased to provide this Summary Plan Descrip-
tion (SPD) to help you understand the options for retirement savings available to you in MEBT. We
encourage you to use it as a tool to better plan for your retirement. We recommend that you share it with
your financial and tax advisors as you make choices about MEBT.
Important information about MEBT
MEBT is a 401(k) plan, and your participation is voluntary. Some participants in MEBT have contributed
diligently over their years of employment and have built a significant retirement asset for themselves while
deferring current federal income taxes.
While you are employed at the City of Bellevue, regardless of your participation in MEBT, you do not
participate in Social Security, and you do not earn Social Security service credits. Further, the Social
Security Administration applies a formula containing an offset to take into account your employment with
a nonparticipating employer. The Social Security offsets are explained further (see pages 28-29) within
this document.
Having said that, we believe your MEBT account offers more flexibility than Social Security and enhances
your ability to significantly save for your retirement.
Here is a very high-level overview of the Plan.
• MEBT is a defined-contribution plan. What you receive from MEBT is based on contributions and any
earnings or losses and not on a guaranteed formula. Your contributions and the City’s contributions
and earnings/losses are held in an account in your name, and any earnings on your account grow tax-
deferred. When you retire or leave, you receive your vested account balance.
•