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2022-059 - Approving and Agreement Regarding Freeze of Fire Pension Fund & Authorizing the Mayor to Execute Same
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2022-059 - Approving and Agreement Regarding Freeze of Fire Pension Fund & Authorizing the Mayor to Execute Same
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8/10/2022 1:20:25 PM
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RESOLUTION N0. 2022-059 <br /> A RESOLUTIOIV OF THE CITY COUIVCIL OF THE CITY OF PARIS, TEXAS <br /> APPROVING AlV AGREEMENT REGARDING FREEZE OF FIRE PENSION <br /> FUND AND AUTHORIZING THE MAYOR TO EXECUTE SAME ON BEHALF OF <br /> THE CITY;MAKING OTHER FINDINGS AND PROVISIOIVS RELATED TO THE <br /> SUBJECT;AND PROVIDING AN EFFECTIVE DATE. <br /> WHEREAS, City records indicate that the Paris Firefighters' Relief and Retirement <br /> Fund, a public retirement system and a municipal retirement plan (the "Fund" or the <br /> "Plan") was created in 1941 and the Fund continues to operate pursuant to the authority <br /> of Vernon's Ann.Texas Civ.St. Art. 6243e, as amended, also known as the Texas Local Fire <br /> Fighters Retirement Act; and <br /> WHEREAS, the Fund was amended and restated as of January 1, 2019 (the "2019 <br /> Plan); and <br /> WHEREAS,the City Council has authorized the City to issue its City of Paris, Texas, <br /> General Obligation Pension Bonds,Ta�cable Series 2022 (the "Bonds") pursuant to Chapter <br /> 107 of the Texas Local Government Code ("Chapter 107") for the purpose of funding all or <br /> any part of the unfunded, accrued liability of the City to the Fund, as determined by <br /> actuarial analysis (the "Unfunded Liability"); and <br /> WHEREAS,at present,the beneficiaries of the Fund are the City's Firefighters,their <br /> Spouses (as such terms are defined in the Plan) and such other persons who are entitled <br /> to benefits by the terms of the Plan as of the Effective Date (collectively the "2022 Fund <br /> Beneficiaries"); and <br /> WHEREAS,upon the issuance of the Bonds,both the City and the Board of Trustees <br /> (the "Board") of the fund desire to preserve the vested rights solely of and for the 2022 <br /> Fund Beneficiaries in the Fund, but to simultaneously transition all current and future <br /> Firefighters into the Texas Municipal Retirement System ("TMRS") for participation <br /> thereafter in TMRS on the same basis as all other City employees who participate in TMRS; <br /> and <br /> WHEREAS, to effectuate the immediately preceding recital, the Board has revised <br /> the Plan to implement said objective,and the amended and restated Plan (the"2022 Plan") <br /> has been approved by a vote of the City Firefighters as required by Section 7 of Vernon's <br /> Ann.Texas Civ.St. 6243e, as amended, the Texas Local Fire Fighters Retirement Act (the <br /> "Act") and all prerequisites of the Act for the Board to amend the Plan to change the <br /> benefits or eligibility requirements for benefits payable from the Plan have been met, <br /> including the approval of the 2022 Plan by Definiti LLC,which is eligible actuary pursuant <br />
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