2022-060 – Approving an Agreement with the Paris Firefighters’ Relief and Retirement Fund Pertaining to the General Obligation Pension Bonds, Taxable Series 2022

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responsibility for assets of the public pension fund that are to receive the net proceeds of the obligations to be issued and (ii) the duty to oversee the investment and expenditure of the assets of the public pension fund, w�hich written agreement "must state the amount of the unfunded liability and the date or dates on which the public pension fund will accept the net proceeds of the obligations to be issued in payment of all or a portion of the unfunded liability"; NOW THEREFORE, the Council and the Board enter into this Agreement pursuant to Section 107.003, as follows: 1. The Board certifies that: (a) The Fund is municipal retirement plan qualified under section 401(a)of the Internal Revenue Code of 1986, as amended (the "IRC"), to provide Retirement, Disability and Death Income Benefit to provide periodic income to Firefighters and survivors during retirement, disability or death; and (b) The Fund is not: (i) a program that provides only workers' compensation benefits; (ii) a program administered by the federal government; (iii) a plan described by IRC Section 401(d); (iv) an individual retirement account consisting of an annuity contract described by IRC Section 403(b); (v) an individual retirement account as defined by IRC Section 408(a); (vi) an individual retirement annuity as defined by IRC Section 408(b); (vii) an eligible deferred compensation plan as defined by IRC Section 457(b); or (viii) a program for which benefits are administered by a life insurance company or for which the only funding agency is a life insurance company. 2. The Council and the Board acknowledge and agee that the City has an Unfunded Liability owing to Fund in the amount of$12,150,000.00 as of the July 14, 2022 actuarial valuation (the "2022 UAAL"). 3. The Council acknowledges and agrees that: (a) this 2022 UAAL calculation was done by the Board's consulting actuaries, Definiti LLC; (b) the full actuarial valuation report is attached hereto as Exhibit B; (c) the City has requested to make a lump sum employer contribution to the Fund in the amount of$12,150,000.00 to fund the 2022 UAAL from proceeds of the Bonds on the closing date of the Bonds, which shall be on or before September 8, 2022; (d) the deposit of $12,150,000.00 pursuant to paragraph 3(c) above equals the 2022 UAAL. (e) upon the issuance of the Bonds and the funding of the 2022 UAAL, the City will move all current Firefighters into the TMRS retirement program while preserving the vested rights in the Fund of the 2022 Fund Beneficiaries: