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Note: The pension schedules in the required supplementary irfforrnafion are intended to show information for ten years. Additional years' information will be displayed as it becomes available. <br />77 <br />CITY OF PARIS, TEXAS <br />Schedule 2 <br />Required Supplementary h forrnation <br />Texas Municipal Retirement System - <br />Schedule of City Pension Contributions <br />Year Ended September 30, 2022 <br />Fiscal Year Ended September 30, <br />2022 2021 2020 2019 2018 <br />2017 2016 <br />2015 <br />Contractually Required Fiscal Year Contribution <br />$ 972,171 $ 809,036 $ 852,884 $ 834,605 $ 825,691 $ <br />801,727 $ 733,564 <br />$ 704,441 <br />Contribution in Relation to the Contractually Required <br />Fiscal Year Contribution <br />(972,171) (809,036) (852,884) (834,605) (825,691) <br />(801,727) (733,564) <br />(704,441) <br />Contribution Deficiency (Excess) <br />$ $ $ $ $ $ <br />$ <br />$ <br />Covered Payroll <br />$ 13,050,044 $ 11,761,104 $ 11,975,225 $ 11,980,216 $ 11,846,360 $ <br />11,615,574 $ 12,058,579 <br />$ 11,203,172 <br />Contributions as a Percentage of Covered Payroll <br />7.45% 6.88% 7.12% 6.97% 6.97% <br />6.90% 6.08% <br />6.29% <br />Notes to Schedule <br />Valuation Date <br />Actuarially determined contribution rates are calculated as of December 31 and become effective January, 13 months <br />later. <br />Methods and Assumptions used to Determine <br />Contribution Rates: <br />Actuarial Cost Method <br />Entry Age Normal <br />Amortizafion Method <br />Level Percentage of Payroll, Closed <br />Remaining Amortization Period <br />24 years <br />Asset Valuation Method <br />10 year smoothed fair value; 12% soft corridor <br />Inflation <br />2.50% <br />Salary Increases <br />3.50% to 11.50%, including inflation <br />Investment Rate of Return <br />6.75 <br />Retirement Age <br />Experience -based table based on rates that are specific to the City's plan of benefits. Last updated for the 2019 <br />valuation pursuant to an experience study of the period 2014-2018. <br />Mortality <br />Post Retirement: 2019 Municipal Retirees of Texas Mortality Tables. The rates are projected on a fully generational basis with scale UMP. <br />Pre -retirement PUB(I0) mortality tables, with the Public Safety table used for males and the General Employee <br />table used for females. The rates are projected on a fully generational basis with scale UMP. <br />Other hrforrnation <br />There were no benefit changes during the year. <br />Note: The pension schedules in the required supplementary irfforrnafion are intended to show information for ten years. Additional years' information will be displayed as it becomes available. <br />77 <br />