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f mw L., Gabriel Roeder Smith & Company one F.xst 1;rowvard .Blvd. 934.527.1E 16 phone GR Conulranrs ` Actuaries Suite Spy 954.525:0083 Mr Fr. Laudcrd.iIc,FL 33301-1304 mvww.gabrielroedereoni November 29, 2015 Ms. Diane Bernardo, CPA Finance Director Indian River County Office. Clerk of Court & Comptroller 1840 25th Street, 3rd Floor -Finance Vero Beach, FL 32960 Re: GASB 45 OPEB Engagement Letter for the Indian River County Dear Ms. Bernardo: We are writing to. provide an .engagement letter for actuarial services relating to GASB 45 Other Post= Employment Benefts ("OPEB"). By signing and dating this engagement letter, we and the Indian River County C'County") agree to the scope, work product and terms described herein: This engagement letter is fashioned after those commonly provided for auditing services. Fully compliant .actuarial valuations will :be performed as of October 1, 2015, 2017 and 2019, as. well as Various abbreviated letter reports as needed. For the fully compliant valuations; we will prepare formal Reports including an Executive .Summary, tables or charts presenting the development of the results; descriptions of all primary actuarial assumptions and methods, and summaries of the plan benefits. The base Actuarial Valuation Report will. be .,performed assuming, that the current prefunded planwill continue. 'The`Valuation.Report will present results of the implicit.and% explicit.subsidy provided by the County to all employees. All Indian River County employees are covered under self insured medical plan. The reports will. provide actuarial figures necessary for compliance with GASB Statement Nos. 43, 45, 74 and 75 for all OPEBs, presented in total; without any breakouts by enterprise fund or by functon(program. Indian River County will be responsible for determining any such breakouts and for the narrative material required for the Notes. The work papers for this engagement are the property of Gabriel, :Roeder, Smith & Company (GRS). While we may be requested :to make certain work. papers available: to auditors or to.regulators pursuant to authority given by ;law or regulation; access to: the requested work .papers will be provided under supervision of ORS personnel. 'Furthermore, upon request, we may provide photocopies of selected work papers to regulatory agencies. These regulatory agencies, may intend or decide to. distribute the photocopies or information contained thereip: to others, including other governmental, agencies. Indian River County management. has responsibility for the financial statements and all representations .contained therein._ Management also has; responsibility for preventing and detecting fraud, for adopting sound accounting policies andestablishing and maintaining effective internal control to maintain the reliability of the financial statements .and -to provide reasonable assurances against the possibility of misstatements that are material to.the financial :statements. This responsibility extends to the use or misuse of the results of our OPEB Actuarial Valuation Reports, presentations at on-site meetings and, during telephone conferences. The Report and presentation materials may be provided to parties other than Indian River County :only in heir -entirety and only with the;vermission of the County. Upon execution of this letter of engagement, we will prepare an official 'and formal data. request Jetter. The County will compile and transmit all employee and retiree census data as requested'in electronic form