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Actuarial Certification <br /> We have prepared an actuarial valuation of the other post employment benefit plans for the City of <br /> Pequot Lakes as of January 1, 2020 to enable the plan sponsor to satisfy the accounting requirements <br /> under Statements of Governmental Accounting Standards No. 75.The results of the valuation set forth in <br /> this report refled the provisions of the plan communicated to us through January 1, 2020.This report <br /> should not be used for other purposes or relied upon by any other person without prior written consent <br /> from Hildi Incorporated. <br /> This valuation is based on participant and financiai data provided by the City of Pequot Lakes and is <br /> summarized in this report. An audit of the financial and participant data provided was not performed, <br /> but we have checked the data for reasonableness as appropriate based on the purpose of the valuation. <br /> We have relied on all the information provided, including plan provisions and asset information,as <br /> complete and accurate. <br /> A range of results, different from those presented in this report,could be considered reasonable. The <br /> numbers are not rounded, but this is for convenience and should not imply precision. Future actuarial <br /> measurements may differ significantly from the current measurements presented in this report due to <br /> such factors as the following: plan experience differing from that anticipated by the economic or <br /> demographic assumptions;changes in economic or demographic assumptions; increases or decreases <br /> expected as part of the natural operation of the methodology used for these measurements;and <br /> changes in plan provisions or applicable law. Due to the limited scope of this assignment,we did not <br /> perform an analysis of the potential range of such future measurements. <br /> All costs, liabilities and other factors under the plan were determined in accordance with generally <br /> accepted actuarial principles and procedures using assumptions that we believe reasonably estimate the <br /> anticipated experience of the plan.The calculations reported herein are consistent with our <br /> understanding of the provisions of GASB Statement 75. <br /> Actuarial computations under Statements of Governmental Accounting Standards are for the purposes of <br /> fulfilling employer accounting requirements and trust accounting requirements.Computations for other <br /> purposes may differ significantly from the results shown in this report. <br /> We are available to answer any questions on this material,or to provide explanations or further details, <br /> as may be appropriate.The undersigned credentialed actuaries meet the Qualification Standards of the <br /> American Academy of Actuaries to render the actuarial opinions contained in this report. <br /> � , G���Gt�.. <br /> t � � :�..'� . L����-L..t.. �, <br /> Jill Urdahl, FSA Gr tchen Faul,ASA <br /> Hildi incorporated <br /> 14852 Scenic Heights Road,Suite 205 <br /> Minneapolis, MN 55344 <br /> P 952.934.5554 <br /> Report finished in June 2020 <br /> City of Pequot Lakes <br /> Page 3 <br />