Franklin Ohio Retirement Benefits Plan is a comprehensive retirement benefits program offered by the city of Franklin, Ohio, aiming to provide financial security to its retired employees. This plan ensures that individuals who have dedicated their careers to serving the community can enjoy a comfortable and stable retirement. The Franklin Ohio Retirement Benefits Plan offers various types of retirement plans to cater to the diverse needs and preferences of employees. These plans include: 1. Defined Benefit Plan: This type of plan guarantees a specified retirement income based on factors such as the employee's salary, years of service, and age at retirement. It ensures employees receive a predetermined monthly payment throughout their retirement years. 2. Defined Contribution Plan: The Franklin Ohio Retirement Benefits Plan also offers a defined contribution plan, allowing employees to contribute a portion of their salary into a retirement savings account. The contributions are often matched by the city, encouraging employees to save more for their future. 3. Annuity Plans: Another option within the Franklin Ohio Retirement Benefits Plan is annuity plans, which provide employees with a steady stream of income during retirement. This plan allows participants to invest a lump sum or contribute periodically, and the funds grow over time, generating a guaranteed income for retirement. 4. Health Insurance Benefits: The retirement benefits plan also offers health insurance options to retired employees, ensuring access to medical coverage and protection against healthcare expenses. Additionally, the Franklin Ohio Retirement Benefits Plan may provide additional benefits such as disability insurance, survivor benefits, and access to financial counseling services. These comprehensive retirement options aim to support and secure the financial future of retired employees, maintaining their overall well-being and quality of life. In conclusion, the Franklin Ohio Retirement Benefits Plan is a multifaceted program encompassing various retirement plans and benefits, tailored to the needs of Franklin employees. Its goal is to provide a comprehensive safety net for retired individuals, helping them maintain financial stability and peace of mind during their retirement years.
Franklin Ohio Retirement Benefits Plan
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