The City of Franklin offers regular full-time employees, who work a minimum of thirty (30) hours per week, three distinct ways to save for retirement. The three plans are:

TCRS - Tennessee Consolidated Retirement Services

Eligibility
All full-time employees hired on or after January 1, 2017, must participate in the Tennessee Consolidated Retirement Services (TCRS) Original Defined Legacy Plan. 

Employee Contributions 
Employees are required to contribute 5% of their pre-tax gross wages to their retirement plan.

Vesting
An employee is vested after five (5) years of membership with TCRS. An employee that is hired from a TCRS employer keeps their credited service. If an employee leaves the City of Franklin and is hired by a TCRS employer, the time they worked at the City of Franklin is counted as prior credited service. 

Retirement Eligibility
Service Retirement: Age 60 and vested or thirty (30) years of service regardless of age (unreduced benefit).
Early Retirement: Age 55 and vested (one reduction factor will be applied).
25-Year Early Retirement: Upon completion of twenty-five (25) years of service but have not reached age 55 (two reduction factors will be applied). 

Benefit Calculation 
Benefits are determined by a set formula: Accrual Factor (1.5%) x Average Final Compensation (average highest five [5] consecutive year salaries) x Years of Service = Monthly Benefit 

Additional Voluntary Retirement Plan
Additionally, after two (2) years of service, a TCRS member may contribute to a 457(b) plan with up to 2% matching from the City of Franklin into a 401(a) plan. The contributions from the City are 100% vested. 

457 MissionSquare Deferred Compensation Plan

Roth Individual Retirement Account (IRA)