C.A.F.R., FY 2008-09 - Laserfiche WebLink

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City of Paris, Texas Notes to Financial Statements September 30, 2009 V. Other Information (Continued) 1. Employee Ret' ement Systems and Plans (Continued) 1. Texas Municipal Retirement System (Continued) Plan Description (Continued) Contributions (Continued) Schedule o Fundin Progress 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 2006 $ 22,1 8,991 $ 30,579,449 $ 8,420,458 72.5% $ 9,301,960 90.5% 2007 24,2 3,647 30,472,916 6,269,269 79.4 9,960,392 62.9 2008 24,4 0,444 30,338,881 5,858,437 80.7 10,784,615 54.3 Paris is 1 833 municipalities having their benefit plan administered by TMRS. Each of the 833 municipalities have an annual, individual actuarial valuation performed. All assumptions for the Dec mber 31, 2008 valuations are contained in the 2008 TMRS Comprehensive Annual Financial Report, a copy of which may be obtained by writing to P.O. Box 149153, Austin, Texas 78714-9153. Su lemen al Death Benefits The City also participates in the cost sharing multiple-employer defined benefit group-term life insurance Ian operated by the TMRS known as the Supplemental Death Benefits Fund. The City elected, by ordinance, to provide group-term life insurance coverage to both current and retired em loyees. The City may terminate coverage under and discontinue participation by adopting at i ordinance before November 1 of any year to be effective the following January 1. The death benefit for active employees provides a lump-sum payment approximately equal to the emplo e's annual salary (calculated based on the employee's actual earnings, for the 12- month period preceding the month of death); retired employees are insured for $7,500; this coverage i an "other postemployment benefit." The City contributes to the Supplemental Death Ben fits Fund at a contractually required rate as determined by an annual actuarial valuation. The rate is equal to the cost of providing one-year term life insurance. The funding policy for he program is to assure that adequate resources are available to meet all death payments r the upcoming year; the intent is not to pre-fund retiree term life insurance during employees entire careers. The City contributed 100% of its required contribution for the last three years at the annual required contribution rate of .09%. 52