|
CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2024
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />F. Employee Retirement Systems and Plans (Continued)
<br />1. Texas Municipal Retirement System (Continued)
<br />Discount Rate
<br />A single discount rate of 6.75% was used to measure the Total Pension Liability as of December 31, 2023.
<br />This single discount rate was based on the expected rate of return on pension plan investments of 6.75%.
<br />Based on the stated assumptions and the projection of cash flows the City's fiduciary net position and future
<br />contributions were sufficient to finance the future benefit payments of current plan members for all projection
<br />years. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods
<br />of projected benefit payments to determine the Total Pension Liability for the City. The projection of cash
<br />flows used to determine the single discount rate for the City assumed that the funding policy adopted by the
<br />TMRS Board will remain in effect for all future years. Under this funding policy, the City will finance the
<br />unfunded actuarial accrued liability over the years remaining for the closed period existing for each base in
<br />addition to the employer portion of all future benefit accruals (i.e. the employer normal cost).
<br />Net Pension Liability and Changes in the Pension Liability
<br />Balance at 12/31/2022
<br />Changes for the year:
<br />Service Cost
<br />Interest
<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 12/31/2023 $ 73,141,216
<br />Pension Liability to Changes in the Discount Rate
<br />Increase (Decrease)
<br />65
<br />Liability
<br />Total Pension
<br />Plan Fiduciary
<br />(Asset)
<br />Liability (a)
<br />Net Position (b)
<br />(a) — (b)
<br />$ 71,258,568
<br />$ 67,807,930 $
<br />3,450,638
<br />2,236,060
<br />-
<br />2,236,060
<br />4,758,205
<br />-
<br />4,758,205
<br />(244,728)
<br />-
<br />(244,728)
<br />(557,537)
<br />-
<br />(557,537)
<br />-
<br />832,402
<br />(832,402)
<br />-
<br />1,269,458
<br />(1,269,458)
<br />-
<br />7,852,929
<br />(7,852,929)
<br />(4,309,352)
<br />(4,309,352)
<br />-
<br />-
<br />(50,126)
<br />50,126
<br />-
<br />(350)
<br />350
<br />1,882,648
<br />5,594,961
<br />(3,712,313)
<br />$ 73,402,891
<br />$ (261,675) Sensitivity
<br />of the Net
<br />65
<br />
|