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�-' Fee Proposal and Timeline <br />This fee proposal assumes that the City of Pequot Lakes has approximately 15 Plan <br />Members with both Implicit Rate Subsidy and also Subsidized benefits under GASB <br />45. The City had revenue as determined for GASB No. 34 less than $10 million. <br />GASB Statement No. 45 says that plans with 200 or fewer Plan Members must <br />perform an actuarial valuation at least once every three years. <br />Upon receipt of all data needed for the project (see the Data Request), the actuarial <br />valuation results can be prepared within six weeks. Any additional information <br />requested (for example, changes in plan design, actuarial cost projections) could <br />possibly extend this timeline. <br />Basic Actuarial Valuation Fees for GASB Statement No. 45 <br />Valuation Date Basic Fee <br />During 2008 or 2009 $1,200 under the Alternative <br />Measurement Method (AMM) <br />These Basic Actuarial Fees include the following: <br />• Teleconferencing with the actuaries on pending or anticipated issues which <br />� may affect the actuarial valuation/report. If any work is needed based on one <br />of the outcomes of a teleconference, a fee will be agreed upon before any <br />work is initiated. <br />• Pre-valuation conference call, if needed, to discuss and gather information on <br />actuarial assumptions, participant data, plan changes and any other <br />information that may change the upcoming actuarial report calculations. <br />• A results meeting to discuss the results based on the assumptions, funding <br />methods, asset method, and any other provisions discussed and noted at the <br />pre-valuation conference call. (The results meeting will take place by conference call.) <br />• An Actuarial Report including all information required by GASB Statements 43 <br />and 45. Hildi Inc. will provide an electronic copy and three hard copies. <br />• Periodic memos and telephone calls to provide updates on developments that <br />may affect future actuarial reports. <br />� <br />The Basic Actuarial Fees are also based on: <br />• The receipt of clean participant data in the format requested from the <br />Hildi Inc. data request packet. <br />• Claims Cost requests and discussions with the Vendors not to exceed <br />two hours of Hildi Inc. consultant's time. If claims data is provided from <br />multiple vendors, there may need to be an additional charge. <br />Hildi Incorporated 10 <br />/- �� // " !' �/ \\ <br />I <br />/ <br />