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 Informatio (Continued) I. Employee Retirement Systems and Plans (Continued) 2. Firefighter' Relief and Retirement Fund Plan Desc i tion The Paris Firefighter's Relief and Retirement Fund, a single-employer defined benefit pension plan, is es ablished under the authority of the Texas Local Firefighters' Retirement Act and is administe ed 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 financial 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 ibili The Plan covers current and former firefighters of the City of Paris, Texas, as well as certain beneficiar es. The City of Paris contributes 14.01% 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 12% 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 du ing which they pay into and keep on deposit in the fund, the contributions required by the fu . The fund as amended effective January 1, 2009. The City' annual required contribution to the plan for fiscal year 2009 was based on a payroll of $2,332,363 and amounted to $290,747. Covered employees made contributions of $279,884. The Plan covers 30 retirees and beneficiaries, 24 fully vested active employees, and 24 nonve ted active employees. Service R tirement Disability and Death Benefits A member is eligible for service retirement on either (a) the date that the member has both attained a 55 and completed 20 years of service or (b) the date as of which the sum of the member's age and years of service first equals 80 provided the member has completed 20 years of service. A member who retires under the service retirement provisions of the fund will receive a monthly benefit equal to the greater of $94 multiplied by his/her years of service at retiremen. The minimum service retirement benefit is $500 per month. Service retirement benefits are payable for the member's lifetime. In the event the member's death precedes that of his/her spouse, two-thirds of the member's pension will be continued to the spouse for 53