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Bickmore <br />February 7, 2013 <br />Ms. Jane Doe <br />Director of Finance <br />City of Sample City <br />123 ABC St. <br />Anywhere, CA 95628 <br />Re: April 1, 2012 Actuarial Report on GASB 45 Retiree Benefit Valuation <br />Dear Jane: <br />We are pleased to enclose our report providing the results of the April 1, 2012 actuarial <br />valuation of other post - employment benefit (OPEB) liabilities for the City of Sample City (the <br />City). The report's text describes our analysis and assumptions in detail. <br />This valuation was prepared with the understanding that: <br />➢ The results of this valuation will be applied to determine the annual OPEB expense for <br />the City's fiscal years ending June 30, 2012 and June 30, 2013. <br />➢ The City does not have plans to contribute any funds to the irrevocable trust account <br />with the Public Agency Retirement Services (PARS) for the two years two which this <br />report applies and has no specific long term plans about if or when contributions to the <br />trust will resume. <br />➢ The discount rates used in this valuation are lower than the rates used in the prior <br />valuation, in part, due to the change in City funding policy described above. <br />➢ The City will continue to follow its existing PEMHCA resolutions on file with CalPERS <br />(most recently executed in 2007 and 2008). <br />➢ The City has in place a Flexible Benefit Plan to provide benefits for active employees in <br />excess of the amounts in the PEMHCA resolutions. <br />We appreciate the opportunity to work on this analysis and acknowledge the efforts of the <br />City's staff, who provided valuable information and assistance to enable us to perform this <br />valuation. Please let us know if we can be of further assistance. <br />Sincerely, <br />Catherine L. MacLeod, FSA, EA, MAAA <br />Director, Health and Benefit Actuarial Services <br />Enclosure <br />5200 SW Macadam Ave, Suite 310, Portland, OR 97239 - 800.541.4591 - f. 855.242.8919 - www.bicl<more.net <br />