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CITY OF PARIS, TEXAS Notes to Financial Statements (Continued) September 30, 2023 IV. Detailed Notes _onwwAll Activities and Funds (Continued) G. Other Post Employment Benefit (OPEB) Obligations (Continued) 2. City -of Paris Retiree Health Care Plan (Continued) Benefits Retiree health benefits are available to all retirees who meet the definition of a retiree as set for by City ordinance. Retirees are responsible for the full cost of their retiree health benefits. Retirees who meet certain conditions are eligible for a monthly subsidy from the City toward the purchase of health care coverage until the retiree becomes age 65. Retirees are able to remain on the City group health insurance plan until the retiree reaches age 65 or becomes eligible for Medicare coverage. Retiree premiums are 1.95 times the rates for active employees. Retiree health benefits are available to spouses and eligible dependents of retirees. All costs for dependents are paid by the retiree if they have them. The City will provide a monthly subsidy to eligible retirees who purchase medical coverage either through the City group insurance plan or from an alternate provider. The cost of coverage for the retiree will be reimbursed up to a maximum amount set by the City with the balance paid by the retiree. Effective January 1, 2020, the maximum amount of the monthly subsidy is $565. Emp,�loyees Covered b , Benefit Terms, At the December 31, 2022 valuation and measurement date, the following employees were covered by benefit terms: Inactive Retirees or Beneficiaries Currently Receiving Benefits 6 Inactive, Nonretired Members - Active employees 54 Total 60 Contributions The City's contributions are financed on a pay-as-you-go basis. For the year ended September 30, 2023, the contributions were approximately $60,725. 62