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CITY OF PARIS, TEXAS
<br />Required Supplementary Information
<br />Pads Firefighters' Relief and Retirement Fund
<br />Schedule of City Contributions
<br />YearEnded September 30, 2023
<br />Schedule 4
<br />Notes to Schedule
<br />Valuation Date Dccemba 31, 2022
<br />Methods and Assumptions used to Determine Contribution Rates:
<br />Actuarial Cost Method
<br />Normal to Pure Unit Credit
<br />Asset Valuation Method
<br />Market Value of Assets
<br />Fiscal Y=Ended September 30,
<br />Active merrbers who are eligible for the DROP are assurred to retire immediately. Otherwise, actives are assumed to retire an
<br />age 55, or current age if older. Previously, active members were assumed to retire 2 years after Otey bad either (a) both attained
<br />2023
<br />2022
<br />2021
<br />2020
<br />2019
<br />2018
<br />2017
<br />2016
<br />2015
<br />Contractually Required Fiscal Year Contribution
<br />$ 12,521,952
<br />S 457,000
<br />$ 388,839
<br />$ 393,157
<br />$ 336,951
<br />$ 326,067
<br />$ 320,851
<br />$ 332,665
<br />$ 301,329
<br />Contribution in Relation to the Commctuslly Required Fiscal Year Contribution
<br />(12.521,952)
<br />(457,000)
<br />(388,839)
<br />(393,157)
<br />(336,951)
<br />(326,067)
<br />(320,851)
<br />(332,665)
<br />(301,329)
<br />Contribution Deficiency(Excess)
<br />$
<br />$
<br />S
<br />S
<br />S
<br />$
<br />S
<br />$
<br />S
<br />Covered Payroll
<br />S -
<br />$ 3,582,668
<br />S 2,777.425
<br />S 2,817,872
<br />$ 2,713,093
<br />$ 2,717,229
<br />$ 2,795,465
<br />$ 2,772,967
<br />$ 2,511,047
<br />Contributions as a Percentage of Covered Payroll
<br />0.001/6
<br />12.76%
<br />14.00%
<br />13.95%
<br />12.42%
<br />12.00%
<br />11.48%
<br />12.00%
<br />12.00%
<br />Notes to Schedule
<br />Valuation Date Dccemba 31, 2022
<br />Methods and Assumptions used to Determine Contribution Rates:
<br />Actuarial Cost Method
<br />Normal to Pure Unit Credit
<br />Asset Valuation Method
<br />Market Value of Assets
<br />Retirement Am
<br />Active merrbers who are eligible for the DROP are assurred to retire immediately. Otherwise, actives are assumed to retire an
<br />age 55, or current age if older. Previously, active members were assumed to retire 2 years after Otey bad either (a) both attained
<br />age 55 and completed at least 20 years of service or (b) satisthed the ride of 80. Benefits for vested terminated numbers who
<br />had less than 10 years of service at the planfr"u and thus are due a refund of contributions are assumed to be paid 6 months
<br />fo0oiwng the valuation date, July L 2023. Otherwise, terminated vested participants are assumed to start on the same date a5
<br />roost retirement benefits. See below for plan changes.
<br />Mortality
<br />Employ" and healthy annuitant rates from the Pub -2010 Public Safety Below Median Mortality Table, gerumtionally
<br />projected using the ultimate rates of the MP -2021 improvement scales.
<br />77e plan is Dozen to new erdrants and benefit uccnanls are furze. as of October 1, 2022. Norr d Retirement Date clanged
<br />Other Information
<br />from age 55 with 20 years of service to age 55 and Early Retirement Eligibility, the Rule of 80 was limited to those that already
<br />have 20 years of service as of the plan freeze date. Members are new eligible for in-service distributions once they reach
<br />retirement eligibility rather than having to terminate. Eligibility for the DROP was fmun to those eligible as of the plan freeze
<br />date. The pre -retirement death benefit is based on the froun benefit without the rmmmumbenefit based on 20 years of service
<br />and the diability benefit was reduced to the Texas Local Firefighters Retirement Act minimum if $1,200 per year until reaching
<br />age 55 at which point ravening to the fmun benefit Finally, active members ceased making contributions to the fund.
<br />Note: The pension Schedules in the requited Supplementary information are intended to show information for ten years. Additional years' information will be displayed m it becomes available.
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