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Regular Council Meeting June 13, 2022 Page 8 rank pay or lower rank pay, they would still receive the same benefit amount for the same number of years of service. Mr. Path reviewed the conclusions of this research, and said that something needed to change. Mr. Path said they set out to explore an option of moving the Paris Fire Fighters from the Pension over to the City's TMRS and they reached out to the TMRS and the Pension actuary to explore the options. He said they were working out a plan where the City would freeze the Pension and move all existing and future employees over to TMRS accounts. He said to do this would require the City to take out a large bond to fund the unfunded liability of the Pension. He said the Board of Trustee's actuary had opined that an approximate amount of $12 million would be needed in a bond to fund the Pension. He said it was determined that the TMRS retirement benefit would be more advantageous than the Pension retirement benefit for the employee. He said TMRS had made it plain that they would not touch the Pension itself; the Pension would forever be the responsibility of the City and Board of Trustees. He said they, however, would onboard all of the fire department employees as if they were brand new employees and would start with a zero balance in their TMRS account, but that would grow with their contributions. Mr. Path said along with the City's financial advisor and bond counsel, they were working out the needed steps to issue a 20 year pensions bond under State Law. He also said they had reached out to the Attorney General to see if there were any additional steps that would be required of the City. Mr. Path reviewed the budget aspects of this issue and set out the options. Following questions from City Council and discussion, it was a consensus of the City Council that Mr. Path bring back an agenda item pursuing this project and an agreement with the Pension Board. Mr. Path said he planned to bring an item forward in July. 19. Convene into executive session pursuant to Section 551.087 of the Texas Government Code, (1) to discuss or deliberate regarding commercial or financial information that the governmental body has received from a business prospect that the governmental body seeks to have locate, stay, or expand in or near the territory of the governmental body and with which the governmental body is conducting economic development negotiations; or (2) to deliberate the offer of a financial or other incentive to a business prospect described by Subdivision (1), as follows: Lionshead Paris, LLC, Mayor Portugal convened City Council into executive session at 7:27 p.m. 20. Reconvene into open session and possibly take action on those matters discussed in executive session. Mayor Portugal reconvened City Council into open session at 7:55 p.m. and said no action was required. 21. Consider and approve future events for City Council and/or City Staff pursuant to Resolution No. 2004-081. No future events were referenced.