Explanation of Trust

The Municipal Employees’ Benefit Trust (MEBT) officially began in the City of Bellevue, WA, on October 1, 1972. The Trust was created to manage the assets of the employee retirement benefit Plans (the Plans) of certain cities in the State of Washington. Each of the Cities withdrew from or elected not to participate in coverage under the Social Security Administration. MEBT is governed by a five-member leadership body appointed by the Bellevue City Manager. MEBT investments total approximately $511 million (a/o 12/31/10) for its 4,624 members in the entities of Bellevue, Edmonds, Federal Way, Kirkland, Mill Creek, Redmond, Woodinville, and NORCOM. Although the investments are jointly managed by the MEBT Committee, each entity has its own individually designed Plan document, which governs its participation, contributions and disbursements.