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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 />2. Firefighters' Relief and Retirement Fund (Continued) <br />Disability and termination rates were based on published rates, adjusted as necessary, to conform to the plan's <br />own experience. <br />Both economic and demographic assumptions were further tested through the calculation of the plan's aggregate <br />experience with respect to both demographic decrements and economic assumptions. <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 />Experience <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 />(103,194) <br />1,040,583 <br />Increase (Decrease) <br />Plan Liability <br />Total Pension Fiduciary Net (Asset) <br />Liability (a) Position (b) (a) — (b) <br />$ 15,473,252 $ 15,687,798 $ (214,546) <br />1,078,958 - 1,078,958 <br />2,257,162 (2,257,162) <br />(1,182,152) (1,182,152) - <br />(34,427) 34,427 <br />(1,143,777) <br />Balance at 12/31/2023 $ 15,370,058 $ 16,728,381 $ (1,358,323) <br />The following presents the net pension liability of the Paris Firefighters' Relief and Retirement Fund, <br />calculated using the discount rate of 7.25%, as well as what the City's net pension liability (asset) would be <br />70 <br />