Retirement

Benefits Overview

Texas Municipal Retirement System (TMRS)

The City of Plano offers retirement benefits through the Texas Municipal Retirement System (TMRS). All full-time employees participate as of their hire date. Employees contribute 7% of their pay through automatic payroll deduction, and the City matches contributions at retirement with a 2-to-1 match.

You are vested after five years of employment. Retirement eligibility under TMRS includes either:

  • 20 years of service at any age, or
  • Age 60 with at least five years of service.

Service with the military or other government entities may count toward TMRS vesting. Once you reach five years of service, you must complete a vested beneficiary form for TMRS. This can be completed online at
tmrs.com or printed from their website.

Retirement Security Plan (RSP)

The Retirement Security Plan (RSP) is a City-funded retirement plan intended to partially offset the absence of Social Security benefits. All full-time employees participate as of their full-time hire date. Employees with five or more years of service are eligible for a lump sum or monthly annuity benefit upon separation or retirement.

457 Deferred Compensation Plan

The City of Plano offers a 457 Deferred Compensation Plan as an optional way to supplement retirement savings. The Plan allows you to save before-tax or after-tax dollars through voluntary salary deferral. Contributions made before tax also reduce your taxable income for the year.

The City partners with MissionSquare Retirement, a not-for-profit organization specializing in public service retirement planning. MissionSquare advisors provide assistance with enrollment, investment selection, and retirement planning. Traditional rollover and after-tax Roth IRAs are also available.

You can enroll in the 457 plan anytime at plano.gov/benefits or msqplanservices.org/myplan/305870 (plan number 305870).

For more information, contact: