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CITY OF PARIS, TEXAS <br />Required Supplementary Information <br />Paris Firefighters' Relief and Retirement Fund <br />Schedule of City Contributions <br />Year Ended September 30, 2020 <br />Schedule 4 <br />Fiscal Year Ended September 30, <br />2020 2019 2018 2017 2016 2015 <br />Contractually Required Fiscal Year Contribution $ 393,157 S 336,951 $ 326,067 S 320,851 S 332,665 S 301,329 <br />Contribution in Relation to the Contractually Required Fiscal Year Contribution (393,157) (336,951) (326,067) (320,851) (332,665) (301,329) <br />Contribution Deficiency (Excess) $ - $ - $ - $ - $ - $ - <br />Covered Payroll $ 2,817,872 $ 2,713,093 S 2,717,229 S 2,795,465 S 2,772,967 S 2,511,047 <br />Contributions as a Percentage of Covered Payroll 13.95% 12.42% 12.00% 11.48% 12.00% 12.00% <br />Notes to Schedule <br />Valuation Date <br />Actuarially determined contribution rates are calculated as of December 31, 2018, revised valuation, with results <br />forward to December 31, 2019. <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 <br />Remaining Amortization Period <br />32 years <br />Asset Valuation Method <br />The fair value of assets plus 20% of the unrecognized (gainsylosses from each of the past four years. The resulting <br />value is further limited to be no less than 80% and no greater than 120% of the fair value of assets. <br />Salary Increases <br />3.50%, including inflation <br />Investment Rate of Return <br />7.25% <br />Retirement Atte <br />Active members are assumed to retire once thev have either (a) both attained the age of 55 and completed at least <br />20 veers of service or (b) satisfied the rule of 80. Active members who have alreadv met the requirements for service <br />retirement are assumed to retire one veer after the valuation date. <br />Mortality <br />Employee and healthy annuitant rates from the Pub -2010 Public Safety Below Median Mortality Table, generationally <br />proiected using the ultimate rates of the MP improvement scale. <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 />69 <br />