C.A.F.R., FY 2005-06 - Laserfiche WebLink

Home Browse Search

City of Paris, Texas Notes to Financial Statements September 30, 2006 V. Other Information (Continued) I. Employee Retirement Systems and Plans (Continued) 1. Texas Municipal Retirement System (Continued) Schedule of Funding Progress Unfunded Actuarial Liability Actuarial as a Valuation Actuarial Actuarial Unfunded Percentage December Value of Accrued Actuarial Funded Covered of Covered 31, Assets Liability Liability Ratio Payroll Payroll 2003 $ 22,872,812 $ 30,394,639 $ 7,521,827 75.3% $ 10,386,640 72.4% 2004 21,204,977 28,601,946 7,396,969 74.1 9,547,350 77.5 2005 21,322,495 29,062,212 7,739,717 73.4 8,887,246 87.1 The Texas Municipal Retirement System issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to Texas Municipal Retirement System, P. O. Box 149153, Austin, Texas 78714-9153. 2. Firefighters' Relief and Retirement Fund Plan Description The Paris Firefighter's Relief and Retirement Fund, a single-employer defined benefit pension plan, is established under the authority of the Texas Local Firefighters' Retirement Act and is administered by a Board of Trustees made up of three members elected from and by the fund's members, two representatives of the City of Paris, Texas, and two citizen members. Specified plan provisions are governed by a plan document and a trust agreement executed by the Board of Trustees. The plan is an independent entity for fmancia1 reporting purposes and issues a stand-alone financial statement. A copy of the audited financial statement may be obtained from the Board of Trustees, Paris Firefighters' Relief and Retirement Fund, P.O. Box 9037, Paris, Texas 75461. Governing state law requires public retirement systems to hire an actuary to make a valuation at least once every three years of the assets and liabilities of the system and to determine if the assumptions and methods are reasonable. Eligibility The Plan covers current and former firefighters of the City of Paris, Texas, as well as certain beneficiaries. The City of Paris contributes 12.78% of each member's total pay (including regular, longevity, and overtime pay but excluding lump sum distributions for unused sick leave or vacation). Fund members contribute to the fund at a rate of ten percent of pay. Employee contributions are "picked up" by the City of Paris, Texas, as permitted under Section 414(h)(2) of the Internal Revenue Code. Fund members receive credit for service for the 50