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Actuarial Valuation of Other Post - Employment Benefit Programs as of <br />April 1, 2012 for the City of Sample City <br />Executive Summary <br />(Concluded) <br />The liabilities shown in the report reflect assumptions regarding continued future <br />employment, rates of retirement and survival, and elections by future retirees to retain <br />coverage for themselves and their dependents. To the extent that actual experience is not <br />what we assumed, future results will be different. We also note that this valuation has been <br />prepared on a closed group basis; no provision is made for new employees. <br />Details of our valuation process and the various disclosures required by GASB 45 are <br />provided on the succeeding pages. Appendix 2 shows valuation results by group, and <br />Appendix 3 provides information that may be useful in preparing the City's financial <br />statement disclosures. <br />The date of the next valuation should not be later than April 1, 2014. If there are any <br />significant changes in the employee data, benefits provided or the funding policy, please <br />contact us to discuss whether an earlier valuation is appropriate. <br />Bickmore . 2 <br />