[MyOEBB] FINAL 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.

Thanks,
Linda Tullis
503-378-3329
________________________________

This message is the final announcement for 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

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. >. Please let us know if you have ever received a GASB 45 valuation previously, and any other brief background information you feel is appropriate.

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/MillimanOEBBEntityAgreement.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.

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 these 2011 valuation reports in Summer and Fall 2012. Employers may contact Milliman at any time to start work. 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

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

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are not the intended recipient, any disclosure, copying, distribution or any action taken
or omitted to be taken in reliance on it, is prohibited and may be unlawful. Unless
indicated to the contrary: it does not constitute professional advice or opinions upon
which reliance may be made by the addressee or any other party, and it should be
considered to be a work in progress.
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