Early each calendar year, the City of Franklin's closed pension plan receives an actuarial valuation report prepared by its actuary that:
1. Presents the results of a valuation of the City of Franklin Employees' Pension Plan (the closed plan) as of January 1 of each year,
2. Reviews experience under the plan for the period ended the preceding year ended December 31,
3. Provides to the City the recommended contribution under the plan for the City's fiscal year beginning each July 1, and
4 Provides reporting and disclosure information for government agences and other interested parties.
Please click here for the Actuarial Valuation Report for the closed plan as of January 1, 2019.
On October 28, 2014, the Board of Mayor and Aldermen passed a funding policy for the City of Franklin Employees' Pension Plan. The policy is designed to assure that the full annual payment is made to the City's pension plan and protect the financial stability of the City. Please click here to see the funding policy.
On December 12, 2016, the Board of Mayor and Aldermen approved transition of pension plan investments and administration to the Tennessee Consolidated Retirement System (TCRS). Employees hired prior to January 1, 2017 remain in the City's pension system. Employees hired on or after this date will be under the TCRS retirement system.
Please click here for the Actuarial Valuation Report dated June 30, 2019 for the TCRS plan as of June 30, 2018.