03.09 - Agreement with Hildi Inc for GASB 45 Actuarial Valuation

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Exhibit 1 to AGREEMENT FOR CONSULTING SERVICES Consultant and Rate Schedule Consultant Effective Start Expected End Representative's Title Date Date Name Hildi Inc. Actuaries and Consultants Consulting Actuaries TBD TBD Base Fees The approximate budget for Hildi Inc. consulting services is as follows: • GASB 45 Actuarial Valuation: $1,600 These Base Actuarial Fees include the following: • An Actuarial Report including all information required by GASB Statements 43 and 45. Hildi Inc. will provide an electronic copy and three hard copies. • A results meeting by conference call to discuss the results. • Teleconferencing with the actuaries on pending or anticipated issues which may affect the actuarial valuation/report. If any work is needed based on one of the outcomes of a teleconference, a fee will be agreed upon before any work is initiated. • Periodic memos and telephone calls to provide updates on developments that may affect future actuarial reports. The term of the Agreement for Consulting Services is for the January 1, 2015 GASB 45 actuarial valuation which is the fiscal year of January 1, 2015 through December 31, 2015. This GASB 45 valuation can be used for the three disclosure cycles ending at December 31, 2015, December 31, 2016 and December 31, 2017. All quotes assume the plan provisions and assumptions remain unchanged from the last actuarial valuation. Additional charges may occur if there is out of scope work due to an OPEB Trust, changes in funding or investment policy for the OPEBs, or changes in plan provisions or assumptions. SERVICES OR REQUIREMENTS: The Agreement for Consulting Services is dated September 30, 2014. Company: City of Pequot Lakes Consultant: Hildi Inc. (Authorized Signature) (Authorized Signature) (Date) (Date) (Please Note: A Signature is required on both page 5 and page 6.Thank you.)