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5 . ACTUARY PROJECT TEAM . The Actuary shall assign members of its staff as the <br /> Actuary's Actuarial Team , as contained in Tab 2 , Part 4 , page 11 "Your OPEB Team" <br /> of the Actuary's Proposal for Independent Actuarial Services , attached hereto as <br /> Exhibit " D" and incorporated herein by this reference in its entirety . The Actuary agrees <br /> that the County shall have the right to approve the Actuary's Actuarial Team , and that <br /> the Actuary shall not change any manager of its Actuary Team without prior written <br /> notice to the County. Furthermore , if any manager of the Actuary's Actuarial Team is <br /> removed from providing Services under this Agreement, or employment is otherwise <br /> terminated or curtailed by the Actuary , or if any manager of the Actuary's Actuarial <br /> Team terminates employment with the Actuary, then the Actuary shall promptly <br /> replace its Actuarial Team manager with a person of comparable experience and <br /> expertise , who shall also be subject to the County's approval . The County <br /> acknowledges and agrees that its approval shall not be unreasonably withheld . <br /> 6 . COMPENSATION . <br /> 6 . 1 . The County shall pay to the Actuary a mutually agreed upon not-to-exceed <br /> aggregate fee of $31 , 200 . 00 (Thirty-One Thousand and Two Hundred Dollars) for <br /> Services performed under this Agreement during the Initial Term , payable as follows : <br /> (a ) $ 12 , 600 in each of years 1 and 3 , payable pursuant to monthly Proper Invoices duly <br /> submitted by Actuary , and ( b) $3 , 000 in each of years 2 and 4 , payable as a lump sum <br /> upon completion of the valuation report by Actuary and submittal of the report and a <br /> Proper Invoice to County . Actuary acknowledges and agrees that final payment for <br /> Services performed in each of years 1 and 3 will be made by the County only after the <br /> Indian River County Board of County Commissioners has received and approved the <br /> final valuation report at the next scheduled meeting after receipt of such report. Actuary <br /> further acknowledges and agrees that future additional OPEB actuarial requirements , <br /> imposed on the County by applicable national and state entities , including , without <br /> limitation , GASB and FASB , shall be provided by the Actuary and are included in the <br /> Initial Term negotiated fee between the County and the Actuary . County and Actuary <br /> acknowledge and agree that the Initial Term fee includes : ( i) one ( 1 ) on-site meeting in <br /> each of years 1 and 3 ; and ( ii) telephone conferences with the same or other audiences <br /> as the on-site meeting in each year of the Initial Term . In addition , in year 1 only, the <br /> County shall pay the Actuary the amount of $ 1 , 500 . 00 (One Thousand and Five <br /> Hundred Dollars) [" Recalculation Fee" ] for Actuary to recalculate the County' s OPEB at <br /> a different interest rate assuming the plan will be fully funded and provide the County <br /> with an actuarially determined valuation of such recalculated OPEB ( herein <br /> " Recalculation " ) . Recalculation Fee shall be payable as a lump sum to Actuary upon <br /> completion of the final valuation report by Actuary that includes the Recalculation and <br /> submittal of such report, together with a Proper Invoice for the Recalculation Fee , to <br /> County . <br /> 6 . 2 . Proper Invoices , phased as set forth herein , shall be submitted to the County's <br /> Finance Department in detail sufficient for proper prepayment and post payment audit. <br /> All payments for services shall be made to the Actuary by the County in accordance <br /> 3 <br />