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January 4, 2008 <br />Page 2 <br />Finance Seminar. Jim Van Iwaarden wrote an article (attached) for the MASBO September, <br />2005 newsletter entitled "What should we do now about GASB and postemployment benefits?". <br />We have also recently met with the Minnesota Attorney General's and State Auditor's offices to <br />discuss solutions for funding other post employment benefits (OPEB) liabilities through qualified <br />trusts. <br />Our Staff <br />Our team of consultants is highly qualified, all with multiple actuarial credentials. Among our six <br />actuaries, we have four Fellows and Associates of the Society of Actuaries (FSA, ASA), three <br />Members of the American Academy of Actuaries (MAAA's), six Enrolled Actuaries (EA's) and <br />two licensed attorneys (JD's). <br />• James A. Van Iwaarden, FSA, EA, MAAA <br />• Paul D. Krueger, JD, EA, MSPA <br />• Brenda K. Hardy, ASA, EA, MAAA <br />• Sandra Bruns, FSA, EA, MAAA <br />• Mark Meyer, JD, FSA, EA, CEBS <br />• Peter J. Cullen, EA <br />• Emily M. Knutson, actuarial analyst <br />• Gina N. Ganab, actuarial analyst <br />You can see more about our firm, including professional biographies for each our consultants, at <br />www.van iwaarden.co m. <br />We will also work with Mary Ratelle of Health Risk Strategies, LLC to develop medical claims <br />costs. Mary P. Ratelle, FSA, MAAA is the founder of Health Risk Strategies, LLC. Mary has 22 <br />years experience in managing the risks of health care plans/insurers, health care providers and <br />self-funded employers for their medical, prescription drug, dental and vision benefits. <br />Fee Proposal <br />Based on our understanding of your retiree health plan, our fees for performing a retiree medical <br />actuarial valuation are shown below. <br />Retiree medical liabilities -GASB 43/45 $4,500 <br />These rates are on a fixed fee basis, and include a meeting to review the results. Time for <br />additional projects, including meetings and presentations, will be billed at our normal hourly rates. <br />Our 2008 rates range from $175 per hour for analysts to $255 per hour for consultants. The <br />average billing rate for most projects is about $200. Travel time, if any, is billed at 50% of our <br />regular rates. Out of pocket printing, licensing or miscellaneous expenses will be passed onto <br />you without markup. <br />