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n David Culver May 23, 2006 Page 3 b. Annual OPEB Cost, c. Expected Net OPEB Obligation, and d. 10 years of projected benefit payments and Annual OPEB Cost 5. If the City adopts GASB 45, provide City with formal report, including above information and a draft GASB 45 footnote. Estimated Foes Our fees to prepare a GASB 45 (OPEB) valuation will be approximately $17,000.PIease note: ^ We will bill the City at the following hourly rates: President & Senior Actuary $250 Vice President & Actuary $200 Consultant $175 Actuarial Analyst $150 Actuarial Trainee $125 Support Staff $75 ^ Provision for miscellaneous expenses (for travel, computer, report production, etc.) are included in the above hourly rates. ^ We agree to: • not bill more than $19,000 for fees; and not bill for Pleasanton meeting travel time. ^ The above fees are estimated and might be higher if: • participant data is not relatively clean and free from .internal consistencies or is not provided in electronic form; • the City's retiree healthcare promise is more complicated than we summarized above; • results are need for more than two assumption sets; • results are needed separately for more than 6 groups (Management, PCEA, POA, Fire Management, Fire Miscellaneous, and Fire Safety, with sub-totals for Non-Fire and Fire); or • more than 2 meetings, one to discuss actuarial methods and assumptions and one to present study results, are required. ^ Fees for the valuation report or a draft footnote will not occur until the City adopts GASB 45. Data Requirements To complete a GASB 45 OPEB study, please provide us: Written summary (Council resolution, memo to employees, etc.) of the City's Other Post Employment Benefits promise (if available), ^ Total pay-as-you-go costs for the fiscal years ending June 30, 2004 and June 30, 2005, as well as anticipated pay-as-you-go cost for the current (June 30, 2006) fiscal year. ^ Summary of medical plan benefits, including premiums for current and prior fiscal years. ^ Reconciliation of allocated reserves from June 30, 2004 through June 30, 2006.