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<p class="MsoNormal"><span style="font-size:11.0pt;color:black">OEBB is pleased to announce the continuation of GASB 45 services offered through the agreement between Citycounty Insurance Services and Milliman, Inc. for FYE 2013 and 2014. 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 educational entities as only an option when pursuing their GASB reporting needs. Entities 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 educational entities as a result of the GASB 45 requirements. We hope you find this service helpful and please feel free to call or email myself or Milliman with any questions you might have. Yours very truly,</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:black"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">Mary French<br>
Data Benefits Analyst<br>
Oregon Educators Benefit Board<br>
1255 Ferry Street SE<br>
Salem, OR 97301<br>
Office: (503) 378-3956<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt">Mary.french@state.or.us</span><span style="font-family:"Calibri","sans-serif""><o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:navy"><br>
</span><i><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:black">________________________________<br>
<br>
</span></i><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:black">This message discusses Milliman's October 1, 2012 GASB 45 valuation reports for OEBB members, covering financial reporting for fiscal years ending
<u>June 30, 2013</u> and <u>June 30, 2014</u>.<br>
<br>
<b>Enrollment<br>
<br>
</b>Complete instructions for GASB 45 services enrollment can be found on the following OEBB web page:<br>
</span><u><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:blue"><a href="http://www.oregon.gov/OHA/OEBB/Pages/GASBoebb.aspx">http://www.oregon.gov/OHA/OEBB/Pages/GASBoebb.aspx</a>
</span></u><o:p></o:p></p>
<p class="MsoNormal" style="text-autospace:none"><u><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:blue"><br>
</span></u><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:black">Both new and returning clients may use this web page to enroll in Milliman's services.<br>
<br>
<b>Who may need an October 1, 2012 Valuation?<br>
<br>
</b>Ongoing valuation clients of Milliman will receive an e-mail from </span><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:navy"><a href="mailto:GASB45OEBBMembers@milliman.com" target="_blank">GASB45OEBBMembers@milliman.com</a></span><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:black">
describing their specific situation and advising of action, if any, to be taken for the 2012 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><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:navy"><a href="mailto:GASB45OEBBMembers@milliman.com. " target="_blank">GASB45OEBBMembers@milliman.com</a></span><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:black">.
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<br>
<br>
</b>New entities are welcome to enter this project in the October 1, 2012 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 page 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>
<br>
<b>Valuation Prices for October 1, </b></span><b><span style="font-size:11.0pt;font-family:"Arial","sans-serif"">2012<span style="color:black"> Valuations</span></span></b><span style="font-size:11.0pt;font-family:"Arial","sans-serif";color:black"><br>
<br>
Valuation prices are governed under the <a href="http://www.oregon.gov/oha/OEBB/docs/GASB/2012_13/MillimanOEBBEntityAgreement.pdf">
<span style="text-decoration:none">Actuarial Services Agreement</span></a> found on the OEBB web page.
<br>
<br>
The Actuarial Services Agreement specifies cost of living adjustments. Milliman has voluntarily waived those adjustments for the
</span><span style="font-size:11.0pt;font-family:"Arial","sans-serif"">2012<span style="color:black"> 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 </u></span><u>28<span style="color:black">, </span>2013</u><span style="color:black">. (If for budgeting reasons you wish to pay in early July
</span>2013<span style="color:black">, please let us know.)<u><br>
<br>
We recommend you use the <a href="http://www.oregon.gov/oha/OEBB/docs/GASB/2012_13/PriceEst12WEB.xls">
online fee estimator</a> to determine the cost of the </u></span><u>2012<span style="color:black"> valuation report.</span></u><span style="color:black"><br>
<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.<b><br>
<br>
</b></span><b>2012<span style="color:black"> Valuation Report Contents</span></b><span style="color:black"><br>
<br>
A sample </span>2012<span style="color:black"> valuation report can be found on OEBB's GASB 45 web page (see link above).<br>
<br>
The disclosures in the </span>2012<span style="color:black"> report will be projected for fiscal years ending June 30,
</span>2013<span style="color:black"> <u>and</u> June 30, </span>2014<span style="color:black">. 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,
</span>2014<span style="color:black">). The projections will be based upon the final accounting decisions which your District made for the June 30,
</span>2012<span style="color:black"> disclosure. <b><br>
<br>
Timing of Reports</b><br>
<br>
Milliman intends to prepare the </span>2012<span style="color:black"> valuation reports in two batches.
<br>
<br>
The first batch is for Districts who enroll for GASB 45 services on or before June
</span>28<span style="color:black">, </span>2013<span style="color:black">. We would hope to issue final reports for this batch by approximately August 15,
</span>2013<span style="color:black">.<br>
<br>
The second batch will be delivered in Fall </span>2013<span style="color:black">. 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, </span>2013<span style="color:black">.<b><br>
<br>
Contact Information</b><br>
<br>
Please write to <a href="mailto:GASB45OEBBMembers@milliman.com">GASB45OEBBMembers@milliman.com</a> 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>
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>><u><br>
<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></span><span style="font-family:"Arial","sans-serif";color:black">
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial","sans-serif""> </span><o:p></o:p></p>
<p>****************************************************************** <br>
This communication is intended solely for the addressee and is confidential. If you<br>
are not the intended recipient, any disclosure, copying, distribution or any action taken<br>
or omitted to be taken in reliance on it, is prohibited and may be unlawful. Unless
<br>
indicated to the contrary: it does not constitute professional advice or opinions upon<br>
which reliance may be made by the addressee or any other party, and it should be <br>
considered to be a work in progress.<br>
****************************************************************** <o:p></o:p></p>
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