C.A.F.R., FY 2006-07 - Laserfiche WebLink

Home Browse Search

City of Paris, Texas Notes to Financial Statements September 30, 2007 V. Other Information I. Employee Retirement Systems and Plans (Continued) 1. Texas Municipal Retirement System (Continued) Contributions (Continued) Paris is one of 821 municipalities having their benefit plan administered by TMRS. Each of the 821 municipalities have an annual, individual actuarial valuation performed. All assumptions for the December 31, 2006 valuations are contained in the 2006 TMRS Comprehensive Annual Financial Report, a copy of which may be obtained by writing to P.O. Box 149153, Austin, Texas 78714-9153. 2. Firefighters's Relief and Retirement Fund Plan Description The Paris Firefighter's Relief and Retirement Fund, asingle-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 fmancial 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. Eli ig'bility The Plan covers current and former firefighters of the City of Paris, Texas, as well as certain beneficiaries. The City of Paris contributes 13.88% 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 eleven 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 period during which they pay into and keep on deposit in the fund, the contributions required by the fund. The fund was amended effective October 1, 2006. The City's annual required contribution to the plan for fiscal year 2007 was based on a payroll of $2,003,290 and amounted to $274,561. Covered employees made contributions of $220,362. The Plan covers 30 retirees and beneficiaries, 30 fully vested active employees, and 18 nonvested active employees. 51