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AGREEMENT REGARDING FREEZE OF FIRE PENSION FUND <br /> This AGREEMENT REGARDING FREEZE OF FIRE PENSION FUND (this <br /> ("Agreement")is entered into by and between the City Council (the "Council") of the City of Paris, <br /> Texas (the "City") and the Board of Trustees (the "Board") of the Paris Firefighters' Relief and <br /> Retirement Fund, a public retirement system and a municipal retirement plan (the "Fund" or the <br /> "Plan") created by the City, and will be effective for all purposes as of the date this Agreement is <br /> signed by the latter party to do so below("Effective Date"). <br /> WHEREAS, City records indicate that the Fund was created in 1941 and the Fund <br /> continues to operate pursuant to the authority of Vernon's Ann.Texas Civ.St. Art. 6243e, as <br /> amended, also known as the Texas Local Fire Fighters Retirement Act; and <br /> WHEREAS, the Fund as currently constituted was amended and restated as of January 1, <br /> 2019 (the "2019 Plan); and <br /> WHEREAS,the Council has authorized the City to issue its City of Paris, Texas, General <br /> Obligation Pension Bonds,Ta�cable Series 2022(the"Bonds")pursuant to Chapter 107 of the Texas <br /> Local Government Code("Chapter 107")for the purpose of funding all or any part of the unfunded, <br /> accrued liability of the City to the Fund, as determined by actuarial analysis (the "Unfunded <br /> 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 to benefits <br /> by the terms of the Plan as of the Effective Date (collectively the"2022 Fund Beneficiaries"); and <br /> WHEREAS,upon the issuance of the Bonds,both the City and the Board desire to preserve <br /> the vested rights solely of and for the 2022 Fund Beneficiaries in the Fund, but to simultaneously <br /> transition all current and future Firefighters into the Texas Municipal Retirement System <br /> ("TMRS")for participation thereafter in TMRS on the same basis as all other City employees who <br /> participate in TMRS; and <br /> WHEREAS, to effectuate the immediately preceding recital, the Board has revised the <br /> Plan to implement said objective, and the amended and restated Plan (the "2022 Plan") has been <br /> approved by a vote of the City Firefighters as required by Section 7 of Vernon's Ann.Texas Civ.St. <br /> 6243e, as amended,the Texas Local Fire Fighters Retirement Act(the"Act")and all prerequisites <br /> of the Act for the Board to amend the Plan to change the benefits or eligibility requirements for <br /> benefits payable from the Plan have been met, including the approval of the 2022 Plan by Definiti <br /> LLC, which is eligible actuary pursuant to the Act selected by the Board; and <br /> WHEREAS, the 2022 Plan provides that it shall be effective only upon the funding by the <br /> City of the Unfunded Liability; and <br /> WHEREAS, pursuant to City Ordinance No. adopted on August 8, 2022, the <br /> Council has approved the 2022 Plan and provided for it to be implemented only upon the funding <br /> by the City of the Unfunded Liability; and <br />