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??,1????:????"????L???????.?.?V?.; A Xerox Company <br />May 10, 2012 <br />Ms. Bich D. Ta <br />Accounting Manager <br />Finance and Management Services <br />City of Santa Ana <br />20 Civic Center Plaza (M-17) <br />Santa Ana, CA 92702 <br />RE. GASB 45 -Other Post Employment Benefit (OPEB) Actuarial Study <br />Dear Ms. Ta: <br />Buck Consultants, LLC (Buck) is pleased to provide you with this proposal for providing <br />valuations of the retiree health plans of the City of Santa Ana (the City), which are compliant <br />with GASB 43 and 45. This letter describes our understanding of the objective, our approach, <br />the data needed, the consulting fees, and timeline for performing this analysis. <br />It is our understanding that the objective of this project is to develop an actuarial analysis of <br />the current liability for the City's retiree health insurance plans. This will include an <br />assessment of the current liability for the existing retirees and the expected future liability for <br />the current active employees. The valuation reports will provide the information and exhibits <br />necessary to comply with GASB 43 and 45 reporting requirements. Various fimding <br />strategies, expected cash flows, implicit rate subsidy liabilities, and amortization schedules <br />will be presented with the valuation reports. <br />Our actuarial team for the City is led by Mike Schionning from our San Diego office. He is a <br />Fellow of the Society of Actuaries and Member of the American Academy of Actuaries and <br />has more than 30 years of actuarial experience. Mike can be reached at (619) 725-1710. Our <br />San Diego office actuaries specialize in health and welfare actuarial practice and the valuation <br />of other post employment benefits (OPEB). All services will be performed within the time <br />period specified. <br />Mike Schionning, Principal, is authorized as supervising actuary to represent the proposer, <br />Buck Consultants at the address and phone number given in the footer of this transmittal page. <br />Buck's website is at www.buckconsultants.con>. You may a-mail Mike with any additional <br />questions at michael.schionning a buckconsultants.com. <br />1455 Frazee Road, Suite 805 San Diego. CA 92108-4320 <br />619.725.1700 619.297.5220 fax