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P. 954.527,1616 1 F: 954.525.0083 ( m%w.grsconsufting.com tEC* R, 44S April 15, 2021 Ms. Elissa Nagy Finance Director Indian River County Clerk of Circuit Court and Comptroller 1840 25th Street, Vero Beach, FL 32960-3365 Re: OPEB Engagement Letter for Indian River County — Additional 2 -Year Extension Dear Ms. Nagy: We are writing to provide an engagement letter for actuarial services relating to Other Post - Employment Benefits (OPEB). By signing and dating this engagement letter, Gabriel, Roeder, Smith & Company (GRS) and the Indian River County (County) agree to the scope, work product and terms described herein. This engagement letter is fashioned after those for auditing services, for consistency with other professionals. A Fully compliant actuarial valuation will be performed as of October 1, 2021, as well as various abbreviated letter reports as needed for the fiscal years ending September 30, 2022 and September 30, 2023. For the fully compliant valuation, we will prepare a formal Report 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 Actuarial Valuation Report will be performed assuming that the current prefunded plan will 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. 74 and 75 for all OPEBs, presented in total, without any breakouts by enterprise fund or by function/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 GRS 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 therein to others, including other governmental agencies. Please note that while the Actuarial Report may be sent to the County electronically for the County's convenience, only the signed (electronically or manually) Report constitutes the County's record copy. The County management has responsibility for the financial statements and all representations contained therein. Management also has responsibility for preventing and detecting fraud, for adopting