Finance H.R. Specialist Sample Client Name Client …S(s4qzjze3x0sqvi01... · SJVP%’.R’P"RT (860) 721-5786 Attn: GASBhelp.com 80 Lamberton Road Windsor, CT 06095 USA Tel +1 860

SAMPLE REPORT

(860) 721-5786

Attn: GASBhelp.com

80 Lamberton Road

Windsor, CT 06095

USA Tel +1 860 687 0148

Fax +1 860 687 2111 milliman.com

October 30, 2009 Sample Client Finance H.R. Specialist Sample Client Name Client Address1 Client Address2 City, State Zip GASBhelp Alternative Measurement Method (AMM) Report Dear Client, Thank you for using GASBhelp. This report contains the results of the Alternative Measurement Method in accordance with GASB 45 and GASB 43. It also contains a detailed explanation of the calculation. All inputs and assumptions that impact the results are contained herein. The exhibit below provides the key results from the GASB 45 and GASB 43 OPEB calculation, which may be used in preparation of financial statements. A description of these results and how they were derived are described later in this report.

Key Results Valuation Date: 9/30/2009

Annual Required

Contribution (ARC)

Normal Cost (NC)

Amortization Payment

Actuarial Value

of Assets

Actuarial Accrued Liability (AAL)

Unfunded Actuarial

Accrued Liability (UAAL)

$49,891 $30,398 $19,493 $0 $790,810 $790,810

Please note that the Key Results in the table above were calculated using the Entry Age Actuarial Cost Method and the Level Percentage of Payroll Amortization Method. Other acceptable methods are detailed in Section 8 of this report.

SAMPLE REPORT

TABLE OF CONTENTS

Topic Section

Overview of GASB 45 and GASB 43 1

The Liability Determination Process 2

Key Results and Sensitivity Analysis 3

Summary of Census Data 4

Current Premiums 5

Summary of Key Assumptions 6

Results with Alternate Actuarial Cost and Amortization Methods 7

Individual Subscriber Data 8

Caveats and Limitations 9

SAMPLE REPORT

October 30, 2009 Page 1 of 22

SECTION 1 OVERVIEW OF GASB 45 AND GASB 43

The Government Accounting Standards Board (GASB) Statements 45 and 43 require government employers to perform periodic valuations to determine annual accounting costs related to Other (than pension) Post-Employment Benefits (OPEB). Government employers must also keep a running tally of the extent to which these amounts are over or under-funded; they must disclose information in their financial statements about asset and liability levels as well as historical contributions toward OPEB funding. GASB 45 and GASB 43 will be implemented in three Phases*:

� Phase 1 applies to government employers with annual revenues greater than $100 million.

� Phase 2 applies to government employers with annual revenues between $10 million

and $100 million.

� Phase 3 applies to government employers with annual revenues less than $10 million.

* Revenues used to determine which Phase an employer belongs to are as of the first fiscal year ending after June 15, 1999. GASB 45 is effective for fiscal years beginning after December 15, 2006 for Phase 1 government entities, December 15, 2007 for Phase 2 government entities, and December 15, 2008 for Phase 3 government entities. GASB Statement 43 is related to GASB 45, applicable only in situations where a separate trust is established to prefund OPEB. For each of the three Phases, GASB 43 is effective one year earlier than the dates listed above. GASB 45 applies to just about any benefit that is provided after retirement except for pension benefits: medical insurance, dental, vision, and hearing benefits plus life insurance and other non-pension post-employment benefits. The philosophy driving the accounting standard is that these post-employment benefits are part of the compensation that is paid to employees in return for their services, and the cost of these benefits should be recognized while the employees are providing those services, rather than after they have retired. This philosophy has already been applied for years to defined benefit pensions; GASB 45 extends the same thinking to all other post-employment benefits. GASBhelp is fully compliant with GASB 45. The GASB 45 and GASB 43 Alternative Measurement Method must be performed by an expert to avoid additional auditing requirements. GASBhelp was created and rigorously checked by Milliman actuaries who have pension and health expertise, so auditors can recognize that the calculations performed by GASBhelp are fully compliant with GASB 45 and the Alternative Measurement Method. This report contains all auditor-required elements, including the information necessary to understand the inputs, assumptions, valuation methodology, and valuation results. Milliman customer service representatives are also available to answer questions that auditors or those who read this report may have.

SAMPLE REPORT


SECTION 2 THE LIABILITY DETERMINATION PROCESS

The process of determining the liability for retiree medical benefits is based on many assumptions about future events. The key assumptions are:

� Turnover and retirement rates: How likely is it that an employee will qualify for post-employment benefits and when will benefits start?

� Medical inflation and claims costs assumptions: When an employee starts

receiving post-employment benefits, possibly many years from now, how much will those benefits cost each year and how rapidly will the costs grow?

� Mortality assumption: How long is a retiree likely to receive the benefits?

� Discount rate assumption: What is the present value of those future benefit

payments in terms of today’s dollars? Since the liability is being recognized over the employee’s whole career, the present value is divided into three pieces: the part that is attributed to past years of service (the “Actuarial Accrued Liability”), the part that is being earned this year (the “Normal Cost”), and the part that will be earned in future years (the “Future Service Liability”). The actuarial accrued liability may be reduced from any assets set aside to pre-fund OPEB obligations to derive the Unfunded Actuarial Accrued Liability or UAAL; i.e., the OPEB liabilities attributable to prior years that have not yet been funded by designated assets. Once the Unfunded Actuarial Accrued Liability and the Normal Cost have been calculated, the next step is to determine an Annual Required Contribution, or ARC. The ARC consists of two pieces:

� Normal Cost: cost for OPEB benefits attributable to the current year of service. � Amortization Payment: a catch-up payment for past service costs to amortize the

Unfunded Actuarial Accrued Liability over the next 30 years. Note: The ARC does not have to be paid each year; it does need to be calculated and disclosed in financial statements annually.

SAMPLE REPORT


The final step is to keep track going forward of how much of the contribution is actually paid. There is no requirement to actually fund these benefits, but the cumulative deficiency must be disclosed in financial statements. In addition, the discount rate used to calculate the liabilities must reflect the expected investment income of whatever funds are set aside to prefund the benefits; if there is no prefunding then the discount rate will be much lower and the liabilities significantly higher than if the benefits are prefunded. As an entity that qualifies to use the Alternative Measurement Method (AMM), the calculation of your actuarial accrued liability and annual required contribution may be completed without a full actuarial valuation. The AMM calculation process is similar to an actuarial valuation, but with simplifications of several assumptions permitted per GASB guidelines. The GASBhelp tools' calculation process is built in accordance with the Alternative Measurement Method.

SAMPLE REPORT


SECTION 3 KEY RESULTS AND SENSITIVITY ANALYSIS

This exhibit provides the key results from the GASB 45 and GASB 43 OPEB valuation, which may be used in preparation of financial statements. A sensitivity analysis is also included to help you understand how your liability will change based on your assumed discount rate. As more assets are set aside to fund OPEB liabilities, your expected investment return may increase, offsetting more of your liability cost.

Key Results Valuation Date: 9/30/2009

Annual Required

Contribution (ARC)

Normal Cost (NC)

Amortization Payment

Actuarial Value

of Assets

Actuarial Accrued Liability (AAL)

Unfunded Actuarial

Accrued Liability (UAAL)

$49,891 $30,398 $19,493 $0 $790,810 $790,810

SAMPLE REPORT


Healthcare Cost Trend Rates Sensitivity of Results to Change In Discount Rate Assumption

Your discount rate baseline is: 0.000%

The discount rate baseline was calculated using your Plan Asset Return Rate, Employer Asset Return Rate and funds irrevocably set aside for OPEB. The discount rate is based on the long-term earnings potential of any investments set up in a trust to prefund these benefits. If the benefits are not prefunded, the discount rate must be set based on the expected earnings of your general fund. We show the baseline scenario based on your inputs for discount rate, as well as two other scenarios for comparison purposes. You can see that, as the discount rate you are able to use increases, your liability decreases. We want to highlight the importance of choosing an appropriate discount rate assumption; whatever assumption you use must be able to be substantiated by your investment policy. Discount Rate

Sensitivity Analysis 1 Sensitivity Analysis 2 Baseline Discount Rate + 1% Discount Rate + 3%

Rate .000% 1.000% 3.000%

Unfunded Actuarial Accrued Liability (UAAL)

$790,810 $752,585 $669,039

Change from Baseline $0 ($38,225) ($121,771)

SAMPLE REPORT


SECTION 4 SUMMARY OF CENSUS DATA

This exhibit serves as documentation of the census data you input, on which the valuation was calculated. Census Summary

Younger than 65 Years 65 Years or Older Total

Subscribers 16 0 16

Spouses 0 0 0

Total 16 0 16

Average Ages 53 0 53

Subscribers by Status

# Subscribers

Active 13

Retired 3

Terminated 0

Deceased* 0

Total 16

*Deceased subscribers are only included when a surviving beneficiary is currently receiving benefits. The total number of subscribers by status may differ from the number of subscribers in the census summary, because the summary only includes living plan members.

SAMPLE REPORT


SECTION 5 CURRENT PREMIUMS

Total Monthly Premiums Paid to the Insurer

Case Example Medical Plan

Medical, Pharmacy Coverage

Flat Rate Premium

All Ages $404.00

* Premium Effective Date: 1/1/2009. * Number of Premium Payments per Year: 12. * Not known who is excluded from this benefit. * This benefit pays: Secondary to Medicare. * Benefit for: Early retirees only (pre-Medicare-eligible/pre-65). * Total tiered premiums due to the insurer are the same for all retirees and actives.

Employer Contributions toward the Monthly Premiums

Case Example Group - Case Example Medical Plan


Flat Rate Contribution

All Ages $404.00

* Contribution Type: Fixed Amount * Eligibility requirements for this benefit: - Minimum age before retirement (termination): 55 - Minimum required years of service: 10

SAMPLE REPORT


Total Monthly Premiums Paid to the Insurer



Flat Rate Premium

All Ages $507.00

* Premium Effective Date: 1/1/2009. * Number of Premium Payments per Year: 12. * Not known who is excluded from this benefit. * This benefit pays: Secondary to Medicare. * Benefit for: Early retirees only (pre-Medicare-eligible/pre-65). * Total tiered premiums due to the insurer are the same for all retirees and actives.

Employer Contributions toward the Monthly Premiums

Case Example Group - Case Example Medical Plan


Flat Rate Contribution

All Ages $507.00

* Contribution Type: Fixed Amount * Eligibility requirements for this benefit: - Minimum age before retirement (termination): 55 - Minimum required years of service: 10 This exhibit serves as documentation of the premium and employer contribution information you input, on which the valuation was calculated.

SAMPLE REPORT


SECTION 6 SUMMARY OF KEY ASSUMPTIONS

This exhibit documents the key assumptions used in the valuation process. Key Assumptions Used in the Valuation

Assumptions User Defined Values are in Bold Age Adjustment Factor 1.474811

Average Retirement Age 62

Future Contribution Strategy Increase by 10% every future year

Community Rating? No

Actuarial Cost Method: Entry Age

Amortization Method: Level Percentage of Payroll

Assets Backing OPEB Liability: $0

Plan Asset Return: 0.000%

Employer Asset Return: N/A

Discount Rate: .000%

Projected Salary Increases: 2.00%

Amortization Period: 30 Years

UAL and ARC: Calculated using the Alternative Measurement Method in accordance with GASB methodology.

Mortality Table: RP2000 Mortality Table for Males and Females Projected 10 years

Turnover Assumption: Standard Turnover Assumptions - GASB 45 Paragraph 35b

Healthcare Cost Trend Rates:

Health Pharmacy Dental Vision Year 1 9.000% 9.000% 4.000% 3.000%

Year 2 8.000% 8.000% 3.500% 3.000%

Year 3 7.000% 7.000% 3.000% 3.000%

Year 4 6.000% 6.000% 3.000% 3.000%

Year 5 5.800% 5.800% 3.000% 3.000%

Year 6 5.600% 5.600% 3.000% 3.000%

Year 7 5.600% 5.600% 3.000% 3.000%

Year 8 5.500% 5.500% 3.000% 3.000%

Year 9 5.500% 5.500% 3.000% 3.000%

Year 10 + 4.700% 4.700% 3.000% 3.000%

SAMPLE REPORT


Healthcare Cost Trend Source: The cost trend numbers used in the analysis were developed consistent with the Getzen model Promulgated by the Society of Actuaries for use in long-term trend projection.

SAMPLE REPORT


SECTION 7 RESULTS WITH ALTERNATE ACTUARIAL COST AND AMORTIZATION METHODS

GASB 45 and GASB 43 permit several different actuarial cost methods to be utilized under the Alternative Measurement Method. The results of each method, combined with each amortization approach, are shown below. What are the relative effects of level dollar and level percentage of payroll amortization methods, in terms of the pattern of allocation of the actuarial present value of total projected benefits to periods? In Level Percentage of Payroll Amortization, amortization payments or charges are calculated so that they represent a constant percentage of the projected covered payroll over a given number of years. As a result, the dollar amount of amortization payments or charges generally will increase over time in proportion to the effect of inflation on the covered payroll. However, the method is designed to keep the amortization payments or charges level in inflation-adjusted dollars over time. In Level Dollar Amortization, the total amount to be amortized is divided into equal dollar amounts (including principal and interest on the declining balance) to be paid or charged over a given number of years, much like a mortgage payment. The amounts amortized each year generally can be expected to decrease over time (a) as a percentage of covered payroll and (b) in inflation-adjusted dollars. Which actuarial cost method should you use? In order to maintain consistent methodology across all employee benefits, you may want to choose the cost method that matches the method used for calculating your accrued pension liability. Or, you may want to choose the method that generates the lowest Annual Required Contribution for the current reporting period. Entry Age is the most commonly used method. You may choose a different method that allocates costs across time in a way more suitable to your organization's funding plan. Remember that a lower ARC in the current period may result in higher required contributions in future years. Once you have chosen a cost method, you should generally continue to use it in the future. Each cost method determines an Annual Required Contribution as the sum of two components: (1) the required payment attributable to costs earned in the current year (the Normal Cost) and (2) the amortization payment to "catch up" for a portion of the unfunded liability attributable to prior years.

SAMPLE REPORT


Summary of Results Using Combinations of Actuarial Cost and Amortization Methods

Method

Number

Actuarial Cost

Method

Amortization

Method

Annual

Required Contribution

(ARC)

Normal Cost

(NC)

Amortization

Payment

Actuarial

Value of

Assets

Actuarial

Accrued Liability

(AAL)

Unfunded Actuarial

Accrued Liability

(UAAL)

1 Entry Age

Level

Percentage of Payroll

$134,680 $84,200 $50,479 $0 $1,270,208 $1,270,208

2 Entry Age

Level Dollar

$155,252 $74,989 $80,263 $0 $1,387,914 $1,387,914

3 Unit

Credit

Level Percentage

of Payroll

$138,332 $92,898 $45,435 $0 $1,143,275 $1,143,275

4 Unit

Credit

Level

Dollar $159,013 $92,898 $66,116 $0 $1,143,275 $1,143,275

5 Attained

Age

Level

Percentage of Payroll

$142,219 $96,784 $45,435 $0 $1,143,275 $1,143,275

6 Attained

Age Level Dollar

$173,939 $107,823 $66,116 $0 $1,143,275 $1,143,275

7 Frozen Entry

Age

Level Percentage

of Payroll

$127,718 $77,238 $50,479 $0 $1,270,208 $1,270,208

8 Frozen

Entry Age

Level

Dollar $150,275 $70,011 $80,263 $0 $1,387,914 $1,387,914

9

Frozen

Attained

Age

Level

Percentage

of Payroll

$138,331 $92,896 $45,435 $0 $1,143,275 $1,143,275

10

Frozen

Attained Age

Level

Dollar $169,813 $103,698 $66,116 $0 $1,143,275 $1,143,275

11 Aggregate Level

Percentage

of Payroll

$233,925 $233,925 N/A N/A N/A N/A

12 Aggregate Level

Dollar $261,125 $261,125 N/A N/A N/A N/A

SAMPLE REPORT


Discussion of Six Allowable Actuarial Funding Methods for GASB 45 and GASB 43 Valuations

Method Characteristics

Entry Age Stable and predictable costs. Actuarial gain (or losses) will reduce (or increase) the unfunded actuarial liability.

Frozen Entry Age Actuarial liability is fixed. Costs can be volatile, especially as the plan nears full funding.

Attained Age Allocates relatively less cost to actuarial liability. Hybrid method, actuarial liability determined using Unit Credit, normal cost determined like Frozen Entry Age.

Frozen Attained Age Allocates relatively less cost to actuarial liability. Hybrid method, actuarial liability determined using Unit Credit, normal cost determined like Aggregate.

Unit Credit Commonly used method for retiree medical plans. Can produce a pattern of increasing cost as the employee group ages.

Aggregate Produces no past service liability. Costs can be volatile, especially as the population ages.

SAMPLE REPORT


SECTION 8 INDIVIDUAL SUSCRIBER DATA

This exhibit contains each of the subscribers that the user keyed in to the system.

Subscriber ID: 12 Gender: F

Status Birth Yr Hire Yr Service Credits

Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group

Active 1951 1981 N/A N/A Medicare Eligible

N/A N/A Case Example

Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan


Flat Rate N/A N/A N/A N/A N/A N/A N/A

Post 65 Medical Plan

Post 65 Medical Tier

Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan


N/A N/A N/A N/A N/A N/A N/A N/A

Subscriber ID: 13 Gender: M


Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT




Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan





Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT




Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan





Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT




Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan





Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan

Plan Name Flat Rate N/A N/A N/A N/A N/A N/A N/A



Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT




Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan





Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT




Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan





Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT




Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



Subscriber ID: R1 Gender: F


Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group

Retired 1958 1976 N/A 2008 Medicare Eligible


Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT




Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan





Retirement Yr

Medicare Opt Out

Spouse Birth Yr

Child Birth Yr

Group



Group

Pre 65 Medical Plan

Pre 65 Medical Tier

Pre 65 Pharmacy

Plan

Pre 65 Pharmacy

Tier

Pre 65 Dental Plan

Pre 65 Dental Tier

Pre 65 Vision Plan

Pre 65 Vision Tier

Pre 65 Life Plan





Post 65 Pharmacy

Plan

Post 65 Pharmacy

Tier

Post 65 Dental Plan

Post 65 Dental Tier

Post 65 Vision Plan

Post 65

Vision Tier

Post 65 Life Plan



SAMPLE REPORT


SECTION 9 CAVEATS AND LIMITATIONS

This report is based on the data, methods, assumptions and plan provisions specified by the user of the website. Since the valuation results are dependent on the integrity of the data supplied, the results can be expected to differ if the underlying data is incomplete or missing. If any data or other information is inaccurate or incomplete, the calculations may need to be revised.

Furthermore, the emerging costs will vary from those presented in this report to the extent that actual experience differs from that projected by the actuarial assumptions which are summarized in this report.

Actuarial computations under GASB 43 and GASB 45 are for purposes of fulfilling financial accounting requirements for public employers and trusts. The calculations in the enclosed exhibits have been made on a basis consistent with the Alternative Measurement Method under GASB 43 and GASB 45. Determinations for purposes other than meeting these financial accounting requirements may be significantly different from the results contained in these exhibits. Accordingly, additional determinations may be needed for other purposes.

This work product was prepared solely to provide assistance to the client or system in determining values to be reported under GASB 45 and GASB 43. It may not be appropriate to use for other purposes. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. The assumptions and results should be reviewed by the user's accountant. Any third party recipient of this work product who desires professional guidance should not rely upon this work product, but should engage qualified professionals for advice appropriate to its own specific needs.

This report was generated using the GASBhelp site and is subject to the terms and conditions set forth in the License Agreement for Milliman GASBhelp Service accepted by user. User recognizes that the GASBhelp site does not provide any legal advice to user. User shall not rely on the GASBhelp site with respect to any matter of interpretation of law, regulation or legal compliance. Any information provided to user on the GASBhelp site with respect to provisions of law or regulation is for informational use only and should not be relied upon without consultation with competent counsel. User understands that it is entirely responsible for the determination of all assumptions used on the GASBhelp site and that Milliman, its officers, directors, and employees shall have no liability with respect to such assumptions.

Please let us know if you have any questions concerning the GASBhelp tool or the information presented in this report. Thank you for using GASBhelp.

Sincerely, William J. Thompson, FSA, MAAA Stephen J. Kaczmarek, FSA, MAAA Principal and Consulting Actuary Principal and Consulting Actuary Copyright © Milliman, Inc. 2009.

Documents

Finance H.R. Specialist Sample Client Name Client …S(s4qzjze3x0sqvi01... · SJVP%’.R’P"RT (860) 721-5786 Attn: GASBhelp.com 80 Lamberton Road Windsor, CT 06095 USA Tel +1 860