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Section I <br />Required Services and Our Experience <br />City of Elk River, MN provides subsidized medical benefits for retired employees who meet <br />certain eligibility requirements. The City has approximately 130 benefit earning active members <br />and 6 retirees. The City desires to engage an actuarial consulting firm to perform the following <br />tasks relating to these plans: <br />• Assist in identifying and documenting the OPEB "substantive plan" <br />• Assist in developing actuarial assumptions appropriate for measuring the GASB 45 <br />liabilities. <br />• Develop an actuarial model and perform calculations and forecasts as of 1/1/2008 <br />• Write actuarial report containing contribution requirements and funded condition to <br />comply with: <br />o GASB guidelines. <br />o Actuarial guidelines. <br />o Information needed for annual financial report <br />• Be available for teleconferencing, inquiries, and technical advice. <br />Our professional staff has a long history of serving organizations that offer retiree medical plans. <br />In particular, we have the following experience with regard to these plans: <br />^ GASB 45 implementation <br />^ Open and closed group cash flow projections for retiree medical plans <br />^ Consulting on design and funding for active and retiree benefits <br />^ Experience analysis to set actuarial assumptions <br />^ Costing of exploratory benefit changes <br />^ Annual calculations, reports and consulting for SFAS 106 single employer plan <br />^ Annual calculations, reports and consulting for SOP 92-6 multiple employer plans <br />City of Elk River, MN <br />Page 1 <br />