2022-060 - Allowing Employees of the Fire Department to Participate int he Texas Municipal Retirement System (TMRS)

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(collectively, the "Fire Employees") begin participating in TMRS on the same basis upon which the other employees of the City participate in TMRS now, and WHEREAS, the Fire Employees are not eligible to begin participating in TMRS until the Fire Fund plan documents are amended to end the accrual of any new or additional benefits for service for existing Fire Employees and to prevent future Fire Employees from participating in the Fire Fund; and WHEREAS, under Section 7 of the TLFFRA Act, the board of trustees for the Fire Fund (the "Fire Fund Board") may change the benefits or eligibility requirements for benefits payable from the Fire Fund and may change other requirements for the payment of benefits from the Fire Fund if the changes are approved by (i) an eligible actuary selected by the Fire Fund Board, and (ii) a majority of the participating members of the Fire Fund voting on the change by secret ballot at an election held for that purpose at which at least 50 percent of all participating members of the Fire Fund vote; and WHEREAS, the Fire Fund Board presented an amended and restated Fire Fund plan document (the "Amended Plan") to the participating members of the Fire Fund and on July 14, 2022 through July 16, 2022, an election concerning the Amended Plan was held by secret ballot as required by Section 7 of the TLFFRA Act; and WHEREAS, the Amended Plan provides that no additional benefits or service would accrue or be credited to existing Fire Employees on or after the effective date of the Amended Plan (the "Amended Plan Effective Date"), that no firefighters employed on or after the Amended Plan Effective Date will be eligible to participate in the Fire Fund, and that the Amended Plan Effective Date is the latest of the following: (a) the City's adoption of an ordinance authorizing the issuance of the City of Paris, Texas Pension Bonds, Taxable Series 2022; (b) the execution of the Agreement Regarding Pension Obligation Bonds by the City Mayor and the Chairman of the Fire Fund Board; (c) the deposit by the City of Paris, Texas of a City contribution to the Fire Fund of an amount equal to the proceeds from the issuance of the City of Paris, Texas Pension Bonds; or (d) October 1, 2022; and WHEREAS, by a Resolution dated August 8, 2022, the Fire Fund Board found that the Amended Plan had been approved by the actuarial firm selected by the Fire Fund Board and had been approved by the Fire Fund participating members pursuant to an election held in compliance with Section 7 of the TLFFRA Act, and the Fire Fund Board adopted the Amended Plan and authorized the Fire Fund Board Chairman to execute the Amended Plan; and WHEREAS, the Fire Fund Board Chairman has properly executed and delivered the Amended Plan and has taken all other steps necessary to ensure that benefits and service will cease accruing to the Fire Employees under the City Fire Fund on or before the Amended Plan Effective Date; and