<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:x="urn:schemas-microsoft-com:office:excel" xmlns:p="urn:schemas-microsoft-com:office:powerpoint" xmlns:a="urn:schemas-microsoft-com:office:access" xmlns:dt="uuid:C2F41010-65B3-11d1-A29F-00AA00C14882" xmlns:s="uuid:BDC6E3F0-6DA3-11d1-A2A3-00AA00C14882" xmlns:rs="urn:schemas-microsoft-com:rowset" xmlns:z="#RowsetSchema" xmlns:b="urn:schemas-microsoft-com:office:publisher" xmlns:ss="urn:schemas-microsoft-com:office:spreadsheet" xmlns:c="urn:schemas-microsoft-com:office:component:spreadsheet" xmlns:odc="urn:schemas-microsoft-com:office:odc" xmlns:oa="urn:schemas-microsoft-com:office:activation" xmlns:html="http://www.w3.org/TR/REC-html40" xmlns:q="http://schemas.xmlsoap.org/soap/envelope/" xmlns:rtc="http://microsoft.com/officenet/conferencing" xmlns:D="DAV:" xmlns:Repl="http://schemas.microsoft.com/repl/" xmlns:mt="http://schemas.microsoft.com/sharepoint/soap/meetings/" xmlns:x2="http://schemas.microsoft.com/office/excel/2003/xml" xmlns:ppda="http://www.passport.com/NameSpace.xsd" xmlns:ois="http://schemas.microsoft.com/sharepoint/soap/ois/" xmlns:dir="http://schemas.microsoft.com/sharepoint/soap/directory/" xmlns:ds="http://www.w3.org/2000/09/xmldsig#" xmlns:dsp="http://schemas.microsoft.com/sharepoint/dsp" xmlns:udc="http://schemas.microsoft.com/data/udc" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:sub="http://schemas.microsoft.com/sharepoint/soap/2002/1/alerts/" xmlns:ec="http://www.w3.org/2001/04/xmlenc#" xmlns:sp="http://schemas.microsoft.com/sharepoint/" xmlns:sps="http://schemas.microsoft.com/sharepoint/soap/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:udcs="http://schemas.microsoft.com/data/udc/soap" xmlns:udcxf="http://schemas.microsoft.com/data/udc/xmlfile" xmlns:udcp2p="http://schemas.microsoft.com/data/udc/parttopart" xmlns:wf="http://schemas.microsoft.com/sharepoint/soap/workflow/" xmlns:dsss="http://schemas.microsoft.com/office/2006/digsig-setup" xmlns:dssi="http://schemas.microsoft.com/office/2006/digsig" xmlns:mdssi="http://schemas.openxmlformats.org/package/2006/digital-signature" xmlns:mver="http://schemas.openxmlformats.org/markup-compatibility/2006" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns:mrels="http://schemas.openxmlformats.org/package/2006/relationships" xmlns:spwp="http://microsoft.com/sharepoint/webpartpages" xmlns:ex12t="http://schemas.microsoft.com/exchange/services/2006/types" xmlns:ex12m="http://schemas.microsoft.com/exchange/services/2006/messages" xmlns:pptsl="http://schemas.microsoft.com/sharepoint/soap/SlideLibrary/" xmlns:spsl="http://microsoft.com/webservices/SharePointPortalServer/PublishedLinksService" xmlns:Z="urn:schemas-microsoft-com:" xmlns:st="" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=us-ascii"><meta name=Generator content="Microsoft Word 12 (filtered medium)"><style><!--
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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>Good morning,<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:10.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>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 2011 and 2012. 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,<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>Ali Hassoun - Financial Coordinator<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>Oregon Educators Benefit Board<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>1225 Ferry St NE<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>Salem, OR 97301-4281<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>Ph: 503-378-4741<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>Fax: 503-378-5832<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Times New Roman","serif"'>E-mail: <a href="mailto:Ali.hassoun@state.or.us"><span style='color:blue'>Ali.hassoun@state.or.us</span></a> </span><o:p></o:p></p><p class=MsoNormal><span style='font-size:10.0pt'><br><span style='color:navy'><br></span></span><i><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>________________________________</span></i><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><br><br><br><o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:12.0pt;font-family:"Arial","sans-serif"'>Milliman, Inc. – Correspondence on GASB 45 Services<o:p></o:p></span></b></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>If you are not the person responsible for your entity's financial reporting, we encourage you to share this message with your finance officials.<br><br><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>This message discusses Milliman's October 1, 2010 GASB 45 valuation reports for OEBB members, covering financial reporting for fiscal years ending <u>June 30, 2011</u> and <u>June 30, 2012</u>.<br><b><br>Enrollment</b><br><br>Complete instructions for GASB 45 services enrollment can be found on the following OEBB web page:<u><span style='color:blue'><br></span></u></span><a href="http://oregon.gov/OHA/OEBB/GASBoebb.shtml"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>http://oregon.gov/OHA/OEBB/GASBoebb.shtml</span></a><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><br><br>Both new and returning clients may use this web page to enroll in Milliman's services.<br><b><br>Who may need an October 1, 2010 Valuation?</b><br><br>Ongoing valuation clients of Milliman will receive an e-mail from </span><a href="mailto:GASB45OEBBMembers@milliman.com"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>GASB45OEBBMembers@milliman.com</span></a><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> describing their specific situation and advising of action, if any, to be taken for the 2010 valuation process. If you expect to receive an e-mail from us and you do not, please do not hesitate to contact us.<br><br>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.<br><br>Entities who have not worked with Milliman on this GASB 45 project in prior years are encouraged to write us at </span><a href="mailto:GASB45OEBBMembers@milliman.com. "><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>GASB45OEBBMembers@milliman.com</span></a><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>. Please let us know if you have ever received a GASB 45 valuation previously, and any other brief background information you feel is appropriate.<br><br><b>Newly Enrolled Entities</b><br><br>New entities are welcome to enter this project in the October 1, 2010 actuarial valuation cycle. Entities which have never had a valuation previously, or who have used a different provider (including OSBA valuations), should use the New Clients instructions on the OEBB web site whose link is shown above.<br><br>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), <u>provided that</u> 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.<br><b><br>Valuation Prices for October 1, 2010 Valuations</b><br><br>Valuation prices are governed under the </span><a href="http://oregon.gov/OHA/OEBB/docs/GASB/MillimanOEBBEntityAgreement.pdf"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>Actuarial Services Agreement</span></a><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> found on the OEBB web page. </span><br><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><br>The Actuarial Services Agreement specifies cost of living adjustments. Milliman has voluntarily waived those adjustments for the 2010 valuation cycle.<br><br>An "early bird" <u>reduction</u> of 3% of fees will apply to entities which enroll in services by <u>June 24, 2011</u>. (If for budgeting reasons you wish to pay in early July 2012, please let us know.)<br><u><br>We recommend you use the </u></span><a href="http://oregon.gov/OHA/OEBB/docs/GASB/2011/PriceEst10WEB.xls"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>online fee estimator</span></a><u><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> to determine the cost of the 2010 valuation report.</span></u> <br><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><br>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.<br><b><br>2010 Valuation Report Contents</b><br><br>A sample 2010 valuation report can be found on OEBB's GASB 45 web page (see link above).<br><br>The disclosures in the 2010 report will be projected for fiscal years ending June 30, 2011 <u>and</u> June 30, 2012. 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, 2012). The projections will be based upon the final accounting decisions which your Employer made for the June 30, 2010 disclosure. <br><b><br>Timing of Reports</b><br><br>Milliman intends to prepare the 2010 valuation reports in two batches. <br><br>The first batch is for Districts who enroll for GASB 45 services on or before <u>June 24, 2011</u>. Barring unforeseen challenges, the final reports for this batch should be delivered by approximately August 15, 2011.<br><br>The second batch will be delivered in Fall 2011. 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, 2011.<br><b><br>Contact Information</b><br><br>Please write to </span><a href="mailto:GASB45OEBBMembers@milliman.com"><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>GASB45OEBBMembers@milliman.com</span></a><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'> or call 503.227.0634 if you have any questions regarding this project.<br><br>Thanks as always for your participation. We look forward to serving you. <br><br>Will Clark-Shim<br><br>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>><br><u><br>Milliman Contact Information</u><br>111 SW Fifth Avenue, Suite 3700<br>Portland, OR 97204<br>Tel 503.227.0634 Fax 503.227.7956 </span><br><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><br>**************************************************************************************<br>This communication is intended solely for the addressee and is<br>confidential. If you are not the intended recipient, any disclosure, <br>copying, distribution or any action taken or omitted to be taken in<br>reliance on it, is prohibited and may be unlawful. Unless indicated<br>to the contrary: it does not constitute professional advice or <br>opinions upon which reliance may be made by the addressee or any<br>other party, and it should be considered to be a work in progress.<br>**************************************************************************************</span><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>