Laserfiche WebLink
Proposal to Provide Actuarial Valuation of OPEB Liabilities <br />For the City of Santa Ana <br />April 17, 2014 <br />9. Cost Informatiion <br />Bickmore offers the following actuarial services relating to the calculation of OPEB liabilities: <br />June 2014 Actuarial Valuation Report $ 14,800 <br />- Results will be presented based on the City's current funding policy for the fiscal years <br />ending June 30, 2014 and 2015. <br />- An illustration of prefunding results will be provided for one year to highlight potential <br />benefits of prefunding. <br />- The fee above also includes an in- person presentation of results to the City plus a <br />telephone conference to review the draft report (or alternatively, two telephone <br />conferences in lieu of an in- person presentation of results, at the City's option). <br />The chart below provides an estimate of approximate hours of each staff member for <br />this project: <br />Optional services: <br />Additional cost for sub -group analysis $ 300 per group <br />Additional in- person meetings 800 each <br />Preliminary results at various discount rates 300 for each additional rate illustrated <br />Actuarial forms required for CERBT filings 750 (if the City elects to join this trust) <br />We believe the services described above will meet the City's objectives for this project. We <br />do not anticipate any other work related to the valuation which could result in additional <br />charges, with the possible exception of the following: <br />Data: The basic valuation fee above includes up to 24 hours for analysis, <br />consolidation and organization of employee and plan data to prepare it for our <br />actuarial coding. This generally requires that data be provided to us in the <br />requested format (or other equally suitable format) with one line per employee. If <br />multiple worksheets are provided, a unique field should be present to allow us to <br />match records efficiently. Should the data require additional time to organize before <br />we can begin our valuation, we reserve the right to charge for this time at the <br />hourly rates shown below. <br />If benefits are significantly different than described to us. <br />• Consulting or actuarial projections relating to possible plan redesign. <br />Biickmore 2 <br />Estimated <br />Consultant_ <br />Hourly Rate <br />Hours <br />Senior Actuarial Consultants <br />$ 300 <br />24 <br />Actuarial Analysts <br />160 <br />45 <br />Administrative Staff <br />80 <br />4 <br />Optional services: <br />Additional cost for sub -group analysis $ 300 per group <br />Additional in- person meetings 800 each <br />Preliminary results at various discount rates 300 for each additional rate illustrated <br />Actuarial forms required for CERBT filings 750 (if the City elects to join this trust) <br />We believe the services described above will meet the City's objectives for this project. We <br />do not anticipate any other work related to the valuation which could result in additional <br />charges, with the possible exception of the following: <br />Data: The basic valuation fee above includes up to 24 hours for analysis, <br />consolidation and organization of employee and plan data to prepare it for our <br />actuarial coding. This generally requires that data be provided to us in the <br />requested format (or other equally suitable format) with one line per employee. If <br />multiple worksheets are provided, a unique field should be present to allow us to <br />match records efficiently. Should the data require additional time to organize before <br />we can begin our valuation, we reserve the right to charge for this time at the <br />hourly rates shown below. <br />If benefits are significantly different than described to us. <br />• Consulting or actuarial projections relating to possible plan redesign. <br />Biickmore 2 <br />