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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2020
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />F. Employee Retirement Systems and Plans (Continued)
<br />2. Firefighters' Relief and Retirement Fund (Continued)
<br />Net Pension Liability and Changes in the Pension Liability
<br />Balance at 12/31/2018
<br />Changes for the year:
<br />Service Cost
<br />Interest
<br />Experience
<br />Change of Benefit Terms
<br />Difference Between Expected and Actual Experience
<br />Changes of Assumptions
<br />Contributions — Employer
<br />Contributions — Employee
<br />Net Investment Income
<br />Benefit Payments, Including Refunds of Employee
<br />Contributions
<br />Administrative Expense
<br />Other Changes
<br />Net Changes
<br />Balance at 12/31/2019
<br />Increase (Decrease)
<br />Plan Net Pension
<br />Total Pension Fiduciary Liability
<br />Liability Net Position (Asset)
<br />(a) (b) (a) — (b)
<br />$ 15,289,040 $ 4,152,310 $ 11,136,730
<br />2441258
<br />-
<br />244,258
<br />1,081,834
<br />-
<br />1,081,834
<br />-
<br />393,136
<br />(393,136)
<br />-
<br />449,298
<br />(449,298)
<br />-
<br />758,981
<br />(758,981)
<br />(1,222,906)
<br />(1,222,906)
<br />-
<br />-
<br />(33,025)
<br />33,025
<br />103,186
<br />345,484
<br />(242,298)
<br />$ 15,392,226
<br />$ 4,497,794
<br />$ 10,894,432
<br />The following presents the net pension liability of the Paris Firefighters' Relief and Retirement Fund,
<br />calculated using the discount rate of 7.25%, as well as what the City's net pension liability (asset) would be
<br />if it were calculated using a discount rate that is 1 -percentage -point lower (6.25%) or 1 -percentage -point
<br />higher (8.25%) than the current rate:
<br />1% Decrease in 1% Increase in
<br />Discount Rate Discount Rate Discount Rate
<br />6.25% 7.25% 8.25%
<br />Net Pension Liability $12,486,219 $10,894,432 $9,554,198
<br />Pension Plan Fiduciary Net Position
<br />Detailed information about the pension plan's Fiduciary Net Position is available in a separately -issued
<br />financial report. That report may be obtained at 1444 N. Main Street, Paris, Texas 75460.
<br />Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
<br />Pensions
<br />For the year ended September 30, 2020, the City recognized pension expense of $325,069.
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