The City of Franklin offers regular full-time employees, who work a minimum of thirty (30) hours per week, four distinct ways to save for retirement. The four plans are:
City of Franklin Pension Plan
401(a) ICMA-RC Defined Contribution Plan
457 ICMA-RC Deffered Compensation Plan
Roth Individual Retirement Account (IRA)
Employees hired after February 15, 2010 are given the option of participating in the City of Franklin Pension Plan or the Defined Contribution 401 (a) plan. Both plans require a minimum 5% employee contribution. For employees participating in the Defined Contirbution Plan, the City will match contributions dollar for dollar up to 8%.