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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2021
<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 12/31/2019
<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 12/31/2020
<br />Total Pension
<br />Liability
<br />(a)
<br />$ 15,392,226
<br />263,769
<br />1,098,206
<br />125,175
<br />Increase (Decrease)
<br />Plan
<br />Fiduciary
<br />Net Position
<br />(b)
<br />$ 4,497,794
<br />388,839
<br />444,388
<br />482,463
<br />(1,016,641) (1,016,641)
<br />(25,739)
<br />470,509 273,310
<br />$ 15,862,735 $ 4,771,104
<br />Net Pension
<br />Liability
<br />(Asset)
<br />(a) — (b)
<br />$ 10,894,432
<br />263,769
<br />1,098,206
<br />125,175
<br />(388,839)
<br />(444,388)
<br />(482,463)
<br />25,739
<br />197,199
<br />$ 11,091,631
<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 -paint lower (6.25%) or 1 -percentage -point
<br />higher (8.25010) than the current rate:
<br />Net Pension Liability
<br />1% Decrease in
<br />Discount Rate
<br />6.25%
<br />$12,795,460
<br />Pension Plan Fiduciary Net Position
<br />Discount Rate
<br />7.25%
<br />$11,091,631
<br />1% Increase in
<br />Discount Rate
<br />8.25%
<br />$9,661,244
<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, 2021, the City recognized pension expense of $612,942.
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