Laserfiche WebLink
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 />Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions <br />(Continued) <br />$730,838 reported as deferred outflows of resources, related to pensions resulting from contributions <br />subsequent to the measurement date, will be recognized as a reduction of the net pension liability for the year <br />ending September 30, 2025. Other amounts reported as deferred outflows and inflows of resources related to <br />pensions, will be recognized in pension expense as follows: <br />Fiscal Year Ended September 30, <br />2025 $ 245,807 2026 386,864 2027 <br />1,327,624 2028 (651,532) <br />2029 - Thereafter - <br />2. Firefighters' Relief and Retirement Fund <br />Plan Description <br />The Paris Firefighters' Relief and Retirement Fund, a single -employer defined benefit pension plan, is <br />established under the authority of the Texas Local Firefighters' Retirement Act and is administered by a Board <br />of Trustees made up of three members elected from and by the fund's members, two representatives of the <br />City of Paris, Texas, and two citizen members. Specified plan provisions are governed by a plan document <br />and a trust agreement executed by the Board of Trustees. The plan is an independent entity for financial <br />reporting purposes and issues a stand-alone financial statement. A copy of the audited financial statement <br />may be obtained from the Board of Trustees, Paris Firefighters' Relief and Retirement Fund, P.O. Box 9037, <br />Paris, Texas 75461. Governing state law requires public retirement systems to hire an actuary to make a <br />valuation at least once every three years of the assets and liabilities of the system and to determine if the <br />assumptions and methods are reasonable. The plan financial statements are prepared using the accrual basis <br />of accounting. All plan investments are reported at fair value. <br />Eligibility <br />The plan covers current and former firefighters hired prior to October 1, 2022 of the City of Paris, Texas, as <br />well as certain beneficiaries. The plan had a freeze date of September 30, 2022. Effective October 1, 2022, <br />firefighters no longer make contributions to the plan. The City is responsible for the existing unfunded <br />actuarial liability. As of September 30, 2022, the plan was closed to new entrants. <br />Contributions <br />67 <br />