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Section II <br />Proposed Approach and Information Needed <br />We propose the following approach to fulfill your needs for actuarial analysis: <br />Gather information <br />You would need to supply us with the following type of information at least 40 days before the <br />due date of the report: <br />/ Active employee census information including: name (optional), birth date, spouse's birth <br />date, hire date, gender, medical plan, medical coverage (e.g. single, family), group code (e.g. <br />City, Police, Fire), Social Security number (or employee number), pay level(optional). We <br />need this information on an Excel worksheet. <br />/ Eligible current retirees and disabilities census information including: name (optional), birth <br />date, spouse's birth date, gender, medical plan, medical coverage (e.g. single, family), retiree <br />contributions, group code, and Social Security number(optional). We need this information <br />on an Excel worksheet. <br />/ Plan documents that describe the retiree medical/dental promise to active and retired <br />employees. <br />/ Medical plan experience for entire group (active & retired) for last three years. If available <br />and relevant, medical claims experience and exposure for pre 65 and post 65 retirees <br />separately for the last three fiscal years. <br />/ Current premiums being charged for coverage and current cost of coverage. <br />/ Data needed to set turnover and retirement age assumptions: <br />For each employee leaving during the past 5 years - SSN, name, gender, birth date, hire date, <br />payroll category, termination date, termination reason (separated, died, disabled (STD or <br />LTD), retired) on an Excel worksheet <br />Set actuarial assumptions <br />Based upon historical experience and best estimates as to future experience, we need to set the <br />following actuarial assumptions: <br />/ Discount rate (as required by GASB 45) <br />/ Turnover rates <br />/ Retirement rates <br />/ Mortality rates <br />/ Employer provided retiree medical subsidy <br />/ Health care cost trend rate for employer subsidy <br />/ Other assumptions as needed to properly model your plan <br />Perform calculations and write report <br />Present report draft for discussion <br />Revise report to meet City of Elk River objectives <br />Ciry of Elk River, MN <br />Page 3 <br />