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CITY OF PARIS, TEXAS <br />Required Supplementary Information <br />Texas Municipal Retirement System - <br />Schedule of City Pension Contributions <br />Year Ended September 30, 2020 <br />Schedule 2 <br />Notes to Schedule <br />Valuation Date Actuarially determined contribution rates are calculated as of December 31 and become effective January, 13 months later. <br />Methods and Assumptions used to Determine Contribution Rates: <br />Actuarial Cost Method <br />Entry Age Normal <br />Amortization Method <br />Fiscal Year Ended September 30, <br />Remaining Amortization Period <br />24 years <br />Asset Valuation Method <br />2020 <br />2019 <br />2018 <br />2017 <br />2016 <br />2015 <br />Contractually Required Fiscal Year Contribution <br />S 852,884 <br />S 834,605 <br />S 825,691 <br />S 801,727 <br />S 733,564 <br />S 704,441 <br />Contribution in Relation to the Contractually Required Fiscal Year Contribution <br />(852,884) <br />(834,605) <br />(825,691) <br />(841,727) <br />(733,564) <br />(704,441) <br />Contribution Deficiency (Excess) <br />$ - <br />S - <br />S - <br />S - <br />S - <br />S _ <br />Covered Payroll <br />S 11,975,225 <br />S 11,980,216 <br />S 11,846,360 <br />S 11,615,574 <br />$ 12,058,579 <br />S 11,203,172 <br />Contributions as a Percentage of Covered Payroll <br />7.12% <br />6.97% <br />6.97% <br />6.90% <br />6.08% <br />6.29% <br />Notes to Schedule <br />Valuation Date Actuarially determined contribution rates are calculated as of December 31 and become effective January, 13 months later. <br />Methods and Assumptions used to Determine Contribution Rates: <br />Actuarial Cost Method <br />Entry Age Normal <br />Amortization Method <br />Level Percentage of Payroll, Closed <br />Remaining Amortization Period <br />24 years <br />Asset Valuation Method <br />10 year smoothed market; 12% soft corridor <br />Inflation <br />2.50% <br />Salary Increases <br />3.50% to 11.50%, including inflation <br />Investment Rate of Return <br />6.75% <br />Retirement Ace <br />Experience -based table based on rates that are specific to the Citv's plan of benefits. Last updated for the 2019 <br />valuation pursuant to an experience studv of the period 2010-2014. <br />Mortality <br />Post Retirement: PUB(10) mortality tables, with the Public Safety table used for males and the General Employee <br />tables used for females. The rates are proiected on a fully generational basis with scale BB. <br />Other Information <br />There were no benefit changes during the year. <br />Note: The pension schedules in the required supplementary information are intended to show information for ten years. Additional years' information will be displayed as it becomes available. <br />67 <br />