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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2022
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />F. Employee Retirement Systems and Plans (Continued)
<br />2. Firefighters' Relief and Retirement Fund (Continued)
<br />Net Pension Liability and Changes in the Pension Liability
<br />Balance at 12/31/2020
<br />Changes for the year:
<br />Service Cost
<br />Interest
<br />Experience
<br />Change of Benefit Terms
<br />Difference Between Expected and Actual Experience
<br />Changes of Assumptions
<br />Contributions — Employer
<br />Contributions — Employee
<br />Net Investment Income
<br />Benefit Payments, Including Refunds of Employee
<br />Contributions
<br />Administrative Expense
<br />Other Changes
<br />Net Changes
<br />Balance at 12/31/2021
<br />Increase (Decrease)
<br />The following presents the net pension liability of the Paris Firefighters' Relief and Retirement Fund,
<br />calculated using the discount rate of 7.25%, as well as what the City's net pension liability (asset) would be
<br />if it were calculated using a discount rate that is 1 -percentage -point lower (6.25%) or 1 -percentage -point
<br />higher (8.25%) than the current rate:
<br />1% Decrease in 1% Increase in
<br />Discount Rate Discount Rate Discount Rate
<br />6.25% 7.25% 8.25%
<br />Net Pension Liability $12,828,016 $11,095,711 $9,641,418
<br />Pension Plan Fiduciary Net Position
<br />Detailed information about the pension plan's Fiduciary Net Position is available in a separately -issued
<br />financial report. That report may be obtained at 1444 N. Main Street, Paris, Texas 75460.
<br />Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
<br />Pensions
<br />For the year ended September 30, 2022, the City recognized pension expense of $515,613.
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<br />Plan
<br />Net Pension
<br />Total Pension
<br />Fiduciary
<br />Liability
<br />Liability
<br />Net Position
<br />(Asset)
<br />(a)
<br />(b)
<br />(a) — (b)
<br />$ 15,862,735
<br />$ 4,771,104
<br />$ 11,091,631
<br />273,163
<br />-
<br />273,163
<br />1,128,647
<br />-
<br />1,128,647
<br />-
<br />457,000
<br />(457,000)
<br />-
<br />522,286
<br />(522,286)
<br />-
<br />471,438
<br />(471,438)
<br />(1,136,694)
<br />(1,136,694)
<br />-
<br />-
<br />(52,994)
<br />52,994
<br />261,036
<br />4,080
<br />265,116
<br />$ 16,127,851
<br />$ 5,032,140
<br />$ 11,095,711
<br />The following presents the net pension liability of the Paris Firefighters' Relief and Retirement Fund,
<br />calculated using the discount rate of 7.25%, as well as what the City's net pension liability (asset) would be
<br />if it were calculated using a discount rate that is 1 -percentage -point lower (6.25%) or 1 -percentage -point
<br />higher (8.25%) than the current rate:
<br />1% Decrease in 1% Increase in
<br />Discount Rate Discount Rate Discount Rate
<br />6.25% 7.25% 8.25%
<br />Net Pension Liability $12,828,016 $11,095,711 $9,641,418
<br />Pension Plan Fiduciary Net Position
<br />Detailed information about the pension plan's Fiduciary Net Position is available in a separately -issued
<br />financial report. That report may be obtained at 1444 N. Main Street, Paris, Texas 75460.
<br />Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
<br />Pensions
<br />For the year ended September 30, 2022, the City recognized pension expense of $515,613.
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