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<br />Ms. Alison Freeman <br />September 21,2005 <br />Page 2 <br /> <br />œ4)..B"....~..'... <br />/ <br />/ .^ <br /> <br />3. Valuation processing; <br />4. Meet with City to discuss valuation results; and <br />5. Provide City with formal report, including: <br />a. Annual Required Contribution, <br />b. Annual OPEB Cost, <br />c. Net OPEB Obligation, <br />d. 10 years of projected benefit payments and Annual OPEB Cost, <br />e. Draft GASB 45 footnote <br /> <br />Estimated Fees <br />Our fees to prepare a GASB 45 (OPEB) valuation will be approximately $11,500. <br /> <br />Please note: <br />. We will bill the City at the following hourly rates: <br />President & Senior Actuary $225 Vice President & Actuary $175 <br />Consultant $150 Actuarial Analyst $125 <br />Actuarial Trainee $100 Support Staff $75 <br />. Miscellaneous expenses (for travel, computer, report production, etc.) are in addition to <br />fees. <br />. We agree to: <br />. not bill more than $13,500 for fees; <br />. not bill for Redwood City meeting travel time; and <br />. limit miscellaneous expenses to $1,100 or 10% of hourly fees, whichever is less. <br />. The above fees are estimated and might be higher if: <br />. participant data is not relatively clean and free from internal consistencies or is not <br />provided in electronic form; <br />. the City's retiree healthcare promise is more complicated than we have summarized <br />above; <br />. results are need for more than two assumption sets; <br />. results are needed separately for more than six different departments (or bargaining <br />groups); or <br />. more than two meetings, one to discuss actuarial methods and assumptions and one to <br />present study results, are required. <br /> <br />Data Requirements <br />We believe we have most of the information we need to complete a GASB 45 OPEB study. <br />However, we also need the following active and retired participant data: <br />. Active data: name; employee (or Social Security) number; sex; birth date; hire date; <br />employee classification (e.g. Miscellaneous or Safety); medical plan coverage; <br />family/single coverage; spouse's birth date (if available) and annual base (or <br />PERSable) compensation. <br /> <br />4.1 Burd:\vcncc. :""ire: .:45 - S:.tn Mat"". C\dii:ÙmlJ ')4402 <br />main: (oSU/377..:.oOU -fax: ()S()/:US.¿USï - web: www.::und-associatcs.com <br />