A parachute system having a parachute canopy having a skirt, and a plurality of gores spaced about the skirt. The plurality of gores is defined by first and second groups of gores. The parachute system includes a slider having a plurality of through-holes, a line loop attached to the slider, a first reefing line extending through the first group of gores and having a pair of ends attached to the line loop, and a second reefing line extending through the second group of gores and having a pair of ends attached to the line loop. A corresponding group of suspension lines passes through a corresponding through-hole in the slider. Each suspension line in each group of suspension lines is attached to a corresponding gore. A single reefing line cutter is engaged with the line loop and configured to cut the line loop after a predetermined amount of time has elapsed so as to release the reefing lines and allow the slider to slide down the suspension lines.