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 

Military Service Retirement Credit
TCRS recently added an optional provision related to Military Service Retirement Credit. The new law expands military eligibility to allow veterans of the following armed conflicts to establish prior service credit even if their military service did not interrupt TCRS-covered employment. The six military engagements covered by this law are:

• Multinational Force in Lebanon 8/21/82–2/26/84
• Invasion of Grenada/Operation Urgent Fury 10/25/83–12/15/83
• Invasion of Panama/Operation Just Cause 12/20/89–1/31/90
• Persian Gulf War 8/2/90–4/6/91
• Operation Enduring Freedom 10/7/01–12/28/14
• Operation Iraqi Freedom 3/19/03–8/31/10

For more information on military service retirement credit, please follow this TCRS link: Application for Military Service Retirement Credit. 

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)