11-13 - Paris Firefighters Relief & Retirement Fund - Pension Bond - Freeze Fire Pension - Transfer Employees to TMRS

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Nos. 11-13 TO: Mayor, Mayor Pro Tem & City Council FROM: Grayson Path, City Manager Gene Anderson, Finance Director Thomas McMonigle, Fire Chief SUBJECT: PARIS FIREFIGHTERS RELIEF AND RETIREMENT FUND PENSION BOND FREEZE FIRE PENSION TRANSFER EMPLOYEES TO TMRS DATE: August 8, 2022 BACKGROUND: On June 13, 2022, the City Council heard a presentation on freezing the Paris Firefighter Relief and Retirement Fund ("pension") while simultaneously issuing a pension bond and transferring the Fire Department Employees to the Texas Municipal Retirement System (TMRS). Due to the significance and complexity of this matter, and to prevent from repeating too much or too little information in this memo, the June 13, 2022 agenda memo has been included below for your reference. STATUS OF ISSUE: Following the June 13, 2022 City Council meeting, City Staff worked with our Financial Advisors, Bond Legal Counsel, TMRS Legal Counsel, Board of Trustee Actuary, and Board of Trustee Legal Counsel to prepare the needed documents to implement this project for your consideration tonight and on August 22, 2022. The Board of Trustees hosted amendments to their pension plan and submitted it for review by the pension members (employees). A vote was held resulting in an approval of the plan amendments to make this change, 45-0. The Board of Trustees have further agreed to this change. Before you tonight are three (3) agenda items. There will be a fourth agenda item that will appear on August 22, 2022.