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CITY OF PARIS, TEXAS <br />Required Supplementary Information <br />Texas Municipal Retirement System - <br />Schedule of City OPEB Contributions <br />Year Ended September 30, 2020 <br />Fiscal Year Ended September 30, <br />2020 2019 2018 <br />Actuarially Determined Contribution $ 29,938 $ 29,385 $ 27,247 <br />Contributions in Relation to Actuarially Determined Contribution (29,938) (29,385) (27,247) <br />Contribution Deficiency (Excess) $ - $ $ <br />Covered Payroll $ 11,975,225 $ 11,980,216 $ 11,846,360 <br />Contributions as a Percentage of Covered Payroll 0.25% 0.25% 0.23% <br />Notes to Schedule <br />Valuation Date Actuarially determined contribution rates are calculated as of December 31 <br />and become effective January, 13 months later. <br />Methods and Assumptions used to Determine Contribution Rates: <br />Schedule 6 <br />Actuarial Cost Method <br />Entry Age Normal <br />Amortization Method <br />Level Percentage of Payroll, Closed <br />Remaining Amortization Period <br />17 years <br />Asset Valuation Method <br />10 year smoothed market; 15% 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 Age <br />Experience -based table based on rates that are specific to the City's plan of benefits. <br />Last undated for the 2015 valuation pursuant to an experience studv of the period 2010-2014. <br />Mortalitv <br />Service Retirees: 2019 Municipal Retirees of Texas Mortality tables. The rates are projected <br />on a fullv generational basis with scale UMP. Disabled Retirees: 2019 Municioal Retirees <br />of Texas Mortality Tables with a 4 vear set -forward for males and a 3 vear set -forward <br />for females. In addition, a 3.5% and 3% minimum mortality rate will be aonlied to reflect <br />the imuairment for vouneer members who become disabled for males and females. <br />respectively. The rates are uroiected on a fully generational basis by Scale UMP to <br />account for future mortality imarovements subiect to the floor. <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 <br />will be displayed as it becomes available. <br />71 <br />