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Proposal to Provide Actuarial Valuation of OPEB Liabilities <br />For the City of Santa Ana <br />April 17, 2014 <br />4. Project: Schedule <br />The following table provides a general outline of Bickmore's approximate timeline for <br />completing each task. To the extent that the City requires time to review and respond to any <br />issues we raise, that would potentially Impact the overall time between the start and finish of <br />each valuation. We can provide a more specific timeline suitable to the City's needs once <br />the contract has been awarded. <br />Maximum , <br />Time for <br />- Elapsed <br />Bickmore <br />Time <br />Description of Tasks <br />Day 1 <br />Week 1 <br />Contract is signed by the City and Bickmore <br />Week 1 <br />1 week <br />Lead actuary, analyst and City representatives discuss project overview /issues <br />Data request materials are sent to the City from actuarial analyst <br />1 Data request materials are returned to Bickmore analyst <br />City plan details and employee data is organized by analyst and follow up questions asked <br />Varies - City's timing <br />2 weeks <br />3 weeks <br />1 week <br />4 weeks <br />City data is coded by analyst and checked by senior actuary <br />1 week <br />5 weeks <br />Coding is checked by a second senior actuary and (if needed) subsequent questions asked <br />1 week <br />6 weeks <br />Numbers from coding output are used by analyst to create report exhibits <br />1 week <br />7 weeks <br />Report exhibits are checked by both senior actuaries <br />1 day <br />Report exhibits are entered into report draft by analyst <br />2 days <br />Report draft is reviewed and edited by both senior actuaries <br />1 day <br />Final touch -ups to report draft are made by analyst <br />1 day <br />8 weeks <br />Report draft is issued to the City <br />Lead actuary reviews draft report with City staff <br />Once the City approves the report draft, Bickmore will issue the final report <br />Varies - City's timing <br />Varies - City's timin <br />A complete and accurate data submission and responsiveness to our questions (although <br />tedious, we know) can greatly improve our ability to turn our report out more quickly, should <br />that be Important to the City for its particular circumstances. <br />S. City Staff Estimate <br />We recognize that significant employee and plan information must be communicated <br />between the City and the actuary and respect the effort that is required from our clients to <br />provide the data necessary for Bickmore to produce a credible product. Likewise, we <br />commit significant time beyond the report itself to identify issues worthy of discussion, the <br />ramifications of various results and decisions and to assist in the disclosure of results for <br />financial reporting. <br />The time required for each agency to gather the data varies based on the complexity of <br />benefits and the agency's existing records and ability to select the fields required to prepare <br />the calculations. We've included samples of our typical Data Request Parts I and II as <br />Appendices A and B, respectively. In some cases, we have had clients able to complete <br />these requests in about 4 hours (especially when a CaIPERS OPEB data extract is used). <br />Others may require 8 -12 hours if retrieval of information is less automated. In addition, we <br />anticipate 1 -4 hours of finance staff time to answer occasional questions or to discuss the <br />draft report prior to it being finalized. <br />