Once you reach five years of service, you must complete a vested beneficiary form for TMRS. You can complete it online at tmrs.org or print the form from their website.
Texas Municipal Retirement System
The City currently offers retirement through Texas Municipal Retirement System (TMRS). All full-time employees participate in the Plan as of their hire date. The City matches the employee’s 7% contribution (a required automatic deduction from paychecks) with a two-to-one contribution at the time of retirement.
You are vested with TMRS after five years of employment. Retirement eligibility under TMRS is 20 years and any age, or age 60 and at least five years. Service with the military or any government entity may count towards your TMRS vesting.
Retirement Security Plan
The Retirement Security Plan (RSP) is a City of Plano Plan totally funded by the City. Since the City does not participate in Social Security, the intent of the RSP Plan is to partially offset the benefits provided by Social Security. All full-time employees participate in the Plan as of their hire date. Employees employed five years or more are due a benefit, lump sum or monthly annuity, upon separation or retirement.
457 Deferred Compensation Plan
In addition to TMRS and RSP, the City of Plano offers a 457 Deferred Compensation Plan as an optional and easy way for employees to supplement their retirement benefits. The Plan allows you to save and invest before–tax or after-tax dollars through a voluntary salary deferral. There are many options to help you reach your retirement goals and the pre-tax contributions you make reduce your taxable income for the year. The City of Plano offers the 457 Deferred Compensation Plan through ICMA-RC, a not-for-profit corporation founded by public service employees. ICMA-RC’s investment advisors provide personalized service, including assistance in enrollment and retirement planning. ICMA-RC also offers traditional rollover and after-tax Roth IRAs.
You can enroll in the 457 plan anytime online at plano.gov/benefits or www.missionsq.org, plan number 305870. For more information about 457 plans, call Mike Mendenhall, Retirement Plans Specialist at 1-800-290-7160 or [email protected].
MyTMRS
On tmrs.org you can:
- View TMRS account balance (does not include City contribution).
- View listed beneficiaries
- Confirm Retirement Eligibility Date
- Confirm total months of service
- Request an estimate based on a projected retirement date
- Download forms
Any changes (beneficiary, name, address, etc.) must be submitted using appropriate TMRS forms. The forms are available on: tmrs.org.