Please see an overview of the Retirement Plans offered by The City of Plano.
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 (5) years or more are due a benefit, lump sum or monthly annuity, upon separation or retirement.
ICMA Retirement Corporation
The ICMA-RC is 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. The City of Plano offers a 457 Deferred Compensation Plan through ICMA-RC. This is a great way to supplement your retirement accounts. There are many investment options to help you reach your retirement goals. The pre-tax contributions you make reduce your taxable income for the year. These contributions and all associated earnings are then not subject to tax until you withdraw them. ICMA-RC also offers traditional rollover and after-tax Roth IRAs.
You can enroll in the 457 plan at any time online at plano.gov/benefits, plan number 305870.
Texas Municipal Retirement System
Once you reach 5 years of service, you must complete a vest beneficiary form for TMRS. You can complete it online at tmrs.org or print the form from the website.
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 (5) years of employment. Retirement eligibility under TMRS is 20 years and any age, or age 60 and at least five (5) years. Service with the military or any government entity may count towards your TMRS vesting.
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
Any changes (beneficiary, name, address, etc.) must be submitted using appropriate TMRS forms. The forms are available on: tmrs.com.