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PROCESS �A11OA <br /> Part 1 <br /> Scope of Work <br /> GRS will provide the County with an actuarial determined valuation of the County' s OPEBs for <br /> compliance with GASB 45 . This actuarial summary will : <br /> • Determine health care and life insurance cost of benefits . <br /> • Recognize OPEB expense on the accrual basis of accounting. <br /> • Project future benefit payments. <br /> • Determine actuarial present value of projected benefit (ARC) . <br /> • Determine accrued liability. <br /> • Determine value of assets . <br /> • Determine unfunded actuarial accrued liability. <br /> • Determine normal cost. <br /> • Determine required contribution of the employer —as a level dollar amount and as a level <br /> percentage of covered payroll. <br /> • Determine Net OPEB obligation (for employer disclosure under GASB statement 45 if <br /> necessary) . <br /> • Provide the actuarial accrued liability for OPEB associated with past service costs . <br /> • Determine the implicit rate subsidy, if any, and the impact it would have on the OPEB <br /> liability. <br /> • Use an acceptable actuarial cost allocation method to assign costs to specific accounting <br /> periods . <br /> • Analyze the data to assess any inconsistencies and make recommendations for enhancing <br /> data quality. <br /> • Prepare the annual gain/loss analysis to determine reasons for changes in the unfunded <br /> actuarial accrued liability, whenever a prior actuarial valuation is available to support this . <br /> The level of detail required for this item can be discussed and negotiated at a later time. <br /> • Review and update plan documents and design. Make recommendations as to formalizing <br /> informal plans. <br /> • Provide information useful in assessing future funding requirements on the County' s cash <br /> flows . <br /> • Recommend alternatives for reducing the cost of benefits and/or recommendations on <br /> managing the OPEB liability (this may include changes in plan design) . <br /> • Assist the Finance Department in the information required for their Comprehensive Annual <br /> Financial Report (CAFR) . <br /> • Prepare an analysis to determine how establishing a trust or equivalent arrangement would <br /> affect the interest rate assumption. Timing considerations of establishing the trust should <br /> also be considered. <br /> • Prepare an allocation plan for funding liabilities and assigning cost to appropriate cost <br /> centers. <br /> Gig Gabriel Roeder Smith & Company 33 <br />