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City of Paris, Texas <br /> Notes to Financial Statements (Continued) <br /> September 30, 2002 <br /> <br />IV. Other Information (Continued) <br /> <br /> G. Employee Retirement Systems and Plans (Continued) <br /> 1. Texas Municipal Retirement System (Continued) <br /> Plan Description Provisions (Continued) <br /> <br /> related method is used for assets. Other assumptions include no <br /> projected salary increases, inflation, or cost-of-living adjustments <br /> and the investment rate of return is eight percent. The level percent <br /> of payroll is the amortization method used. <br /> <br /> During the past three plan years, the City has contributed 100% of <br /> its annual pension cost as follows: 2001 - $916,968, 2000 - $846,620, <br /> and 1999 - $797,758. At September 30, 2000, 2001, and 2002, the net <br /> 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 /> <br /> 1999 $14,767,311 $19,079,199 $4,311,888 77.40% $ 8,904,790 48.42% <br /> 2000 16,215,613 20,893,137 4,677,524 77.61 9,083,584 51.49 <br /> 2001 18,032,727 22,899,234 4,866,507 78.75 10,149,296 47.95 <br /> <br /> The Texas Municipal Retirement System issues a publicly available <br /> financial report that includes financial statements and required <br /> supplementary information. That report may be obtained by writing <br /> to Texas Municipal Retirement System. <br /> <br /> 2. Firefighter's Relief and Retirement Fund <br /> <br /> Plan Description <br /> <br /> The Paris Firefighter's Relief and Retirement Fund, a single-employer <br /> defined benefit pension plan, is established under the authority of the <br /> Texas Local Firefighter's Retirement Act and is administered by a Board <br /> 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 <br /> members. Specified plan provisions are governed by a plan document and <br /> a trust agreement executed by the Board of Trustees. The plan is an <br /> independent entity for financial reporting purposes and issues a stand- <br /> <br /> 35 <br /> <br /> <br />