7.1. SR 02-19-2008 - Laserfiche WebLink

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Fee Proposal Basic Actuarial Valuation Fees for GASB Statement No. 45 Valuation Date Basic Fee Date in early 2008 $5,000 The fees above are based on the summary information (approximately 130 employees/plan members and benefit description), provided to Hildi Inc. from Tim Simons by phone in January 2008. We have reduced our bid from what was provided in September 2007 of $5,500 to account for the update in the number of plan members (formerly included 160) and adjusted the quote to not include an exhibit with the liabilities split by contract group/employee descriptions. The quote does include a meeting that can be used to present the results to the City Council in Elk River or a finance sub-group of the City Council. These Basic Actuarial Fees include the following: • 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. • Pre-valuation conference call to discuss and gather information on actuarial assumptions, participant data, plan changes and any other information that may change the upcoming actuarial report calculations. • A meeting to discuss the preliminary results based on the assumptions, funding methods, asset method, and any other provisions discussed and noted at the pre-valuation conference call. • An Actuarial Report including all information required by GASB Statements 43 and 45. Hildi Inc. will provide an electronic copy and three hard copies. • Periodic memos and telephone calls to provide updates on developments that may affect future actuarial reports. The Basic Actuarial Fees are also based on: • The receipt of clean participant data in the format requested from the Hildi Inc. data request packet. • Claims Cost requests and discussions with the Vendors not to exceed two hours of Hildi Inc. consultant's time. If claims data is provided from multiple vendors, there may need to be an additional charge. Hildi Incorporated 13