Retirement Plans
As a certificated MNPS employee, you have access to three retirement plans — a pension through Tennessee Consolidated Retirement System (TCRS) and two voluntary savings plans.
These plans, managed through RetireReadyTN, can provide a strong foundation for retirement.
Are You Planning to Retire Soon?
TCRS Pension
TCRS is your defined benefit plan — providing lifetime retirement, survivor and disability benefits for eligible employees and their beneficiaries.
What it Costs You
You contribute 5% of your salary. MNPS covers any additional costs.
What You Get
You receive a guaranteed monthly benefit at retirement, calculated based on your years of service and your highest five consecutive years of pay. The exact formula depends on when you were hired:
- Hired before July 1, 2014 (Legacy Plan): Your benefit equals 1.5% × years of service × average pay.
- Hired on or after July 1, 2014 (Hybrid Plan): Your benefit equals 1% × years of service × average pay.
Vesting
You become vested — meaning you have a locked-in right to a future benefit — after five years of service.
For details on your specific plan, visit RetireReadyTN or call 1-800-922-7772.
401(k) Plan
The 401(k) lets you save additional money for retirement directly from your paycheck, with pre-tax or Roth (after-tax) options and multiple investment choices.
2026 Contribution Limits
- Under age 50: up to $24,500
- Age 50–59: up to $32,500
- Age 60–63: up to $35,750
Limits adjust each year for inflation.
Enrolling
Hybrid Plan employees (hired on or after July 1, 2014) are automatically enrolled at 2%, and MNPS contributes an additional 5% of your pay to your account. You're immediately vested in MNPS's contributions to your account. You can change or stop your contributions at any time.
Legacy Plan employees (hired before July 1, 2014) must sign up to participate. MNPS does not contribute to your account.
To enroll or manage your account, visit RetireReadyTN or call 1-800-922-7772.
457(b) Plan
The 457(b) is a separate tax-advantaged savings plan that works alongside your 401(k). Pre-tax contributions and earnings are not taxed until you withdraw the money.
2026 Contribution Limits
- Under age 50: up to $24,500
- Age 50–59: up to $32,500
- Age 60–63: up to $35,750
Enrolling
To enroll or manage your account, visit RetireReadyTN or call 1-800-922-7772.
Why consider both the 457(b) and the 401(k)? The 457(b) has the same contribution limits as the 401(k), so enrolling in both plans essentially doubles how much you save each year.
Early Retirement Advantage
Unlike the 401(k), the 457(b) does not impose a 10% early withdrawal penalty when you leave employment — so if you retire before age 59½, you can access these funds without that extra cost.
Are you a Support Employee?
Your retirement benefits are administered through Metro Nashville Government. Learn about the Pension Plan and the 457 Deferred Compensation Plan on the Metro Nashville website.
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