[MyOEBB] ANNOUNCEMENT: GASB 45 Valuation Reports for FYE 2012 and 2013

[MyOEBB system updates]

Good afternoon, 
 
OEBB is pleased to announce the continuation of GASB 45 services offered
through the agreement between City County Insurance Services and
Milliman, Inc. for FYE 2012 and 2013. Please see the following message
below from Milliman outlining the GASB 45 valuation process and
reporting services offered. Please remember that OEBB has introduced
these services to school districts as only an option when pursuing their
GASB reporting needs. Districts are free to pursue their own vendor for
these services and are in no way obligated to sign up with Milliman.
OEBB's purpose is only to provide the option of a value-added service by
leveraging the size of the OEBB group with the intent of reducing the
cost and administrative burden placed on school districts as a result of
the GASB 45 requirements. We hope you find this service helpful and
please feel free to call or e-mail myself or Milliman with any questions
you might have.

 

Yours very truly, 

Linda Tullis

503-378-3329
________________________________

This message discusses Milliman's October 1, 2011 GASB 45 valuation
reports for OEBB members, covering financial reporting for fiscal years
ending June 30, 2012 and June 30, 2013.

Enrollment

Complete instructions for GASB 45 services enrollment can be found on
the following OEBB web page:
http://oregon.gov/OHA/OEBB/GASBoebb.shtml
<http://oregon.gov/OHA/OEBB/GASBoebb.shtml> 

Both new and returning clients may use this web page to enroll in
Milliman's services.

Who may need an October 1, 2011 Valuation?

Ongoing valuation clients of Milliman will receive an e-mail from
GASB45OEBBMembers at milliman.com <mailto:GASB45OEBBMembers at milliman.com>
describing their specific situation and advising of action, if any, to
be taken for the 2011 valuation process.  If you expect to receive an
e-mail from us and you do not, please do not hesitate to contact us.

Some Districts have received an advisory recommendation letter from
Milliman in the past, and have not received any valuations as a result
of the advisory recommendation.  Those Districts may continue to rely
upon the initial advisory recommendation letter so long as the facts
stated in that letter remain materially unchanged.  In the rare instance
where an Employer has implemented a new retiree stipend or medical
benefit, a new recommendation letter may be appropriate; please contact
our office if this is the case.

Entities who have not worked with Milliman on this GASB 45 project in
prior years are encouraged to write us at GASB45OEBBMembers at milliman.com
<mailto:GASB45OEBBMembers at milliman.com.&nbsp> .  Please let us know if
you have ever received a GASB 45 valuation previously, and any other
brief background information you feel is appropriate.

What if I need an October 1, 2010 Valuation?

Milliman is still offering enrollment for October 1, 2010 valuations
through October 31, 2011.  Please contact Milliman at
GASB45OEBBMembers at milliman.com <mailto:GASB45OEBBMembers at milliman.com>
and specify that your District would prefer an October 1, 2010
valuation.

Newly Enrolled Entities

New entities are welcome to enter this project in the October 1, 2011
actuarial valuation cycle.  Entities which have never had a valuation
previously, or who have used a different provider, should use the New
Clients instructions on the OEBB web site whose link is shown above.

Some transition work will be needed to get new clients "up to speed" on
the valuations and reporting process.  Milliman will fit this transition
work into its basic GASB 45 valuation price (no additional charges),
provided that the client and its auditors provide all needed information
on a timely basis and agree to Milliman's transition proposals.  If the
client or its auditors want additional transition services, Milliman can
provide those services on a time and expense basis.

Valuation Prices for October 1, 2011 Valuations

Valuation prices are governed under the Actuarial Services Agreement
<http://oregon.gov/OHA/OEBB/docs/GASB/2011_12/MillimanOEBBEntityAgreemen
t.pdf>  found on the OEBB web page. 

The Actuarial Services Agreement specifies a schedule of fees and cost
of living adjustments.  Milliman has voluntarily maintained the 2009
price schedule for the 2011 valuation cycle.  These prices are lower
than those shown in the Actuarial Services Agreement.

An "early bird" reduction of 3% of fees will also apply to entities
which enroll in services by November 30, 2011.

We recommend you use the online fee estimator
<http://oregon.gov/OHA/OEBB/docs/GASB/2011_12/PriceEst11WEB.xls>  to
determine the cost of the 2011 valuation report. 

The reductions to the valuation prices described in the Actuarial
Services Agreement are voluntary on Milliman's part.  The terms of the
Actuarial Services Agreements between Milliman and our clients remain in
effect.  Future years' valuation prices may be adjusted up or down, not
to exceed the amounts specified in those Actuarial Services Agreements.

Valuation Report Contents

A sample valuation report can be found on OEBB's GASB 45 web page (see
link above).

The disclosures in the 2011 report will be projected for fiscal years
ending June 30, 2012 and  June 30, 2013.  The two years of projected
results reflect that these are generally biennial valuations (i.e. the
next valuation date is scheduled to be October 1, 2013).  The
projections will be based upon the final accounting decisions which your
Employer made for the June 30, 2011 disclosure.  

Timing of Reports

Milliman intends to prepare the 2011 valuation reports in two batches.  

The first batch is for Districts who enroll for GASB 45 services on or
before November 30, 2011.  It is my informal goal to deliver final
reports for this batch by approximately February 15, 2012.

The second batch will be prepared and delivered in Summer and Fall 2012.
Employers may contact Milliman at any time to start work on this batch.
We are aware of the December 31 deadline for filing CAFRs, and we should
be able to prepare a timely report for any entity enrolling in services
by October 31, 2012.

Contact Information

Please write to GASB45OEBBMembers at milliman.com
<mailto:GASB45OEBBMembers at milliman.com>   or call 503.227.0634 if you
have any questions regarding this project.

Thanks as always for your participation.  We look forward to serving
you. 

Will Clark-Shim

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Milliman Contact Information
111 SW Fifth Avenue, Suite 3700
Portland, OR   97204
Tel  503.227.0634   Fax  503.227.7956 

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