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Ms. Elissa Nagy April 15, 2021 Page 4 The base fees for the services are described in the following chart: $ 23,000 * The off-year of this engagement presumes a "roll forward", whereby the previous year's valuation would be adjusted so as to apply to the projected year. GASB standards permit fully compliant valuations every other year unless significant changes occur, in which case a new fully compliant valuation must be performed. If a fully compliant valuation were required or requested by the County in the intermediate year(s), the cost would be developed by adjusting the initial actuarial reportfee for inflation. There is no separate fee for telephone conferences. No other surveys, impact studies or other projects are contemplated in the scope of this engagement. Additional studies, comparisons with other counties, or other services will be performed upon request with, whenever possible, fixed fee quotes provided in advance. We stand behind these results and are available to assist management in other strategic areas for controlling the OPEB liabilities. This letter of engagement is for a two-year period. Please return this signed agreement and retain a copy for your records. We thank you and other County officials for your confidence in our firm and look forward to working with you in the years ahead. Should you have any questions regarding these matters, please do not hesitate to contact us. Sincerely, For the Indian River County Joseph E. Flescher Nicolas Lahaye, FSA, MAAA Print Name (Authorized Party) Consultant and Actuary Gabriel, Roeder, Smith & Company i koeNL bm rR<<-b-af��. ure W A° A6 • •yGp�,�MlSS j��F :U: i .r • VER Attest: Attest: Jeffrey R. Smith, Clerk of Circuit Court and Comptroller Plan Reporting Employer Accounting Plan and Reporting Funding Fee* GASB 74 GASB 75 10/1/2021 Actuarial Valuation (Date) Two Full Reports (Funding and Accounting) For YE 9/30/22 and NA For YE 9/30/22 $ 17,000 YE 9/30/23 NA, unless Two Update Letters: One Letter: For YE Roll -forward Update Letters significant changes For YE 9/30/22 and 9/30/23 $ 6,000 for YE 9/30/23 $ 23,000 * The off-year of this engagement presumes a "roll forward", whereby the previous year's valuation would be adjusted so as to apply to the projected year. GASB standards permit fully compliant valuations every other year unless significant changes occur, in which case a new fully compliant valuation must be performed. If a fully compliant valuation were required or requested by the County in the intermediate year(s), the cost would be developed by adjusting the initial actuarial reportfee for inflation. There is no separate fee for telephone conferences. No other surveys, impact studies or other projects are contemplated in the scope of this engagement. Additional studies, comparisons with other counties, or other services will be performed upon request with, whenever possible, fixed fee quotes provided in advance. We stand behind these results and are available to assist management in other strategic areas for controlling the OPEB liabilities. This letter of engagement is for a two-year period. Please return this signed agreement and retain a copy for your records. We thank you and other County officials for your confidence in our firm and look forward to working with you in the years ahead. Should you have any questions regarding these matters, please do not hesitate to contact us. Sincerely, For the Indian River County Joseph E. Flescher Nicolas Lahaye, FSA, MAAA Print Name (Authorized Party) Consultant and Actuary Gabriel, Roeder, Smith & Company i koeNL bm rR<<-b-af��. ure W A° A6 • •yGp�,�MlSS j��F :U: i .r • VER Attest: Attest: Jeffrey R. Smith, Clerk of Circuit Court and Comptroller