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<br />City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30, 2005
<br />
<br />V. Other Information (Continued)
<br />
<br />I. Employee Retirement Systems and Plans (Continued)
<br />
<br />1. Texas Municipal Retirement System (Continued)
<br />
<br />Plan Description Provisions (Continued)
<br />
<br />for assets. Other assumptions include no projected salary increases, inflation at 3.5%, or cost-
<br />of-living adjustments and the investment rate of return is 7%. The level percent of payroll is
<br />the amortization method used.
<br />
<br />During the past three plan years, the City has contributed 100% of its annual pension cost as
<br />follows: 2004 _ $1,177,209; 2003 - $1,149,264; and 2002 - $999,657. At September 30,2003,
<br />2004, and 2005, the net pension obligation is zero,
<br />
<br />Schedule of Funding Progress
<br /> Unfunded
<br /> Actuarial
<br /> Liability
<br />Actuarial as a
<br />Valuation Actuarial Actuarial Unfunded Percentage
<br />December Value of Accrued Actuarial Funded Covered of Covered
<br />31, Assets Liability Liability Ratio Payroll Payroll
<br />2002 20,299,604 26,656,733 6,357,129 76.2 10,300,229 61.7
<br />2003 22,872,812 30,394,639 7,521,827 75.3 10,386,640 72.4
<br />2004 21,204,977 28,601,946 7,396,969 74.1 9,547,350 77.5
<br />
<br />The Texas Municipal Retirement System issues a publicly available financial report that
<br />includes financial statements and required supplementary information. That report may be
<br />obtained by writing to Texas Municipal Retirement System, P. O. Box 149153, Austin, Texas
<br />78714-9153.
<br />
<br />2. Firefighters' Relief and Retirement Fund
<br />
<br />Plan Description
<br />
<br />The Paris Firefighter's Relief and Retirement Fund, a single-employer defmed benefit pension
<br />plan, is established under the authority of the Texas Local Firefighters' Retirement Act and is
<br />administered by a Board of Trustees made up of three members elected from and by the fund's
<br />members, two representatives of the City of Paris, Texas, and two citizen members. Specified
<br />plan provisions are governed by a plan document and a trust agreement executed by the Board
<br />of Trustees. The plan is an independent entity for fmancial reporting purposes and issues a
<br />stand-alone financial statement. A copy of the audited fmancial statement may be obtained
<br />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
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