ACFR City of Paris 9-30-2024 with Continuing Disclosure Tables-searchable

Home Browse Search

CITY OF PARIS, TEXAS Notes to Financial Statements (Continued) September 30, 2024 IV. Detailed Notes on All Activities and Funds (Continued) F. Employee Retirement Systems and Plans (Continued) 1. service performed by a member after a city joins TMRS and is based on a city's matching ratio (100%, 150%, or 200%) of the member's total contributions and interest. A change in a city's matching ratio is applied prospectively. Update service credit (USC) is a monetary credit a city may grant to active Texas Municipal Retirement System (Continued) Benefits Provided (Continued) members. The USC calculation is performed annually on a member's account and may grant supplemental financial credits. The USC calculation considers a member's salary history and the City's plan changes and may increase the value of a member's benefit at retirement. The plan provisions are adopted by the governing body of the City, within the options available in the state statutes governing TMRS. Plan provisions for the City were as follows: Employees Covered by Benefit Terms. At the December 31, 2023, valuation and measurement date, the following employees were covered by the benefit terms: Inactive Employees or Beneficiaries Currently Receiving Benefits 251 Inactive Employees Entitled to but not yet Receiving Benefits 194 Active employees 296 Total 741 Contrihntionc Active member contribution rates are adopted by the City and may be either 5%, 6%, or 7% of an employee's total compensation. The City's contribution rate is determined annually by TMRS using the Entry Age Normal actuarial cost method based on the liabilities created from the City's benefit options and any changes in benefits or actual experience overtime. The City's contribution rate consists of the normal cost contribution rate and the prior service contribution rate, which is calculated as a level percent of the City's reported payroll. Employees for the City were required to contribute 7% of their annual gross earnings during the fiscal year. The contribution rates for the City were 4.59% and 5.36% in calendar years 2023 and 2024, respectively. The City's contributions to TMRS for the year ended September 30, 2024, were $964,366 and were equal to the required contributions. 62 Plan Year 2023 Employee Deposit Rate 7% Matching Ratio (City to Employee) 2 to 1 Years Required for Vesting 5 Years Retirement Eligibility (Age/Service) 60/5,0/20 Updated Service Credit 0% Retiree Cost of Living Adjustment 0% of CPI Employees Covered by Benefit Terms. At the December 31, 2023, valuation and measurement date, the following employees were covered by the benefit terms: Inactive Employees or Beneficiaries Currently Receiving Benefits 251 Inactive Employees Entitled to but not yet Receiving Benefits 194 Active employees 296 Total 741 Contrihntionc Active member contribution rates are adopted by the City and may be either 5%, 6%, or 7% of an employee's total compensation. The City's contribution rate is determined annually by TMRS using the Entry Age Normal actuarial cost method based on the liabilities created from the City's benefit options and any changes in benefits or actual experience overtime. The City's contribution rate consists of the normal cost contribution rate and the prior service contribution rate, which is calculated as a level percent of the City's reported payroll. Employees for the City were required to contribute 7% of their annual gross earnings during the fiscal year. The contribution rates for the City were 4.59% and 5.36% in calendar years 2023 and 2024, respectively. The City's contributions to TMRS for the year ended September 30, 2024, were $964,366 and were equal to the required contributions. 62