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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2023
<br />—mms, (Continued)
<br />. Detailed Notes onAllActivities andFund
<br />F. Employee Retirement Systems and Plans (Continued)
<br />2. Firefighters' Relief and Retirement Fund (Continued)
<br />Net Pension Liability and Chape s in the Pension Liabiffi
<br />Balance at 12/31/2021
<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 12/31/2022
<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
<br />Discount Rate
<br />6.25%
<br />Net Pension Liability $1,534,593
<br />Pension Plan Fiduciaa ,,Net Position
<br />1%Increase in
<br />Discount Rate Discount Rate
<br />7.25% 8.25%
<br />$(214,546) $(1,655,153)
<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 Deferredm Outflows of Resources and Deferred Inflows of Resources Relatedw to
<br />Pensions
<br />For the year ended September 30, 2023, the City recognized pension expense of $(192,146).
<br />Wn
<br />Increase (Decrease)
<br />Net Pension
<br />Total Pension
<br />Plan
<br />Liability
<br />Liability
<br />Fiduciary Net
<br />(Asset)
<br />(a)
<br />Position (b)
<br />(a) — (b)
<br />$ 16,127,851
<br />$ 5,032,140
<br />$ 11,095,711
<br />185,002
<br />-
<br />185,002
<br />1,139,106
<br />-
<br />1,139,106
<br />(1,165,161)
<br />-
<br />(1,165,161)
<br />(344,787)
<br />-
<br />(344,787)
<br />733,322
<br />-
<br />733,322
<br />-
<br />12,521,952
<br />(12,521,952)
<br />-
<br />425,088
<br />(425,088)
<br />-
<br />(1,048,039)
<br />1,048,039
<br />(1,202,081)
<br />(1,202,081)
<br />-
<br />-
<br />(41,262)
<br />41,262
<br />(654,599p
<br />10,655,658
<br />_ (11,310,257)
<br />$ 15,473,252
<br />$ 15,687,798
<br />$ (214,546)
<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
<br />Discount Rate
<br />6.25%
<br />Net Pension Liability $1,534,593
<br />Pension Plan Fiduciaa ,,Net Position
<br />1%Increase in
<br />Discount Rate Discount Rate
<br />7.25% 8.25%
<br />$(214,546) $(1,655,153)
<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 Deferredm Outflows of Resources and Deferred Inflows of Resources Relatedw to
<br />Pensions
<br />For the year ended September 30, 2023, the City recognized pension expense of $(192,146).
<br />Wn
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