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Section IV <br />Cost Estimates and Basis for Billing <br />The fees for the requested services as of 1/1/2008 are as follows: <br />Services Fee <br />Actuarial calculations for its retiree medical plans including: Time and expenses <br />- Meeting or conference call to discuss objectives, not to exceed <br />plan design, and actuarial assumptions with staff, $5,000 <br />outside auditor and other appropriate parties. <br />- Development of summary of substantive plan <br />- Development of actuarial assumptions and model <br />- Actuarial valuations and reports to satisfy <br />GASB 45 accounting regulations for a range of <br />potential expensing/funding methods. <br />Miscellaneous actuarial services not included above. Billed on a time and <br /> expense basis. <br /> Duane Hanf and <br /> Richard Johnson <br /> will charge <br /> $225/Hour. <br />An invoice will be sent periodically and will reflect work performed or projects completed in <br />conformance with agreed upon fees. For special projects for which a set fee has not been <br />established in advance services will be billed on a time and expense basis. <br />City of Elk River, MN <br />Page 5 <br />