At the December 7, 2007 meeting of the Board of Directors, an agreement was reached with Actuaries Northwest of Issaquah, Washington regarding actuarial services.  These services are related to the GASB 45 regulations.

Endorsed by the ISDC, Actuaries Northwest will provide discounted services to assist school districts meet the GASB 45 requirement.  These rates have been negotiated, due to the volume represented and include no "commissions" to the ISDC.  This is strictly a service benefit to ISDC membership.

 

The project deliverable is a written valuation report complying with the regulations of GASB 45 for school districts.  The valuation report will be based on assumptions, methodologies and reporting requirements prescribed by GASB 45 regulations and all corresponding actuarial standards of practice.

 

The timing of the valuation reports will be based on the phase-in rules prescribed in the regulations, along with receipt of the required data and information for each district. 

The time and effort required to complete the valuation depends on the size of the district and the recommended calculation method.  The pricing schedule below outlines the pricing categories, the number of districts and employees within each category, the first year of valuation, and the proposed fees for the first and subsequent valuations.

 

                                                                                          Valuation Fees

Method - #Ees            #                  #            First               First        Subsequent

                                  Districts         Ees         Valuation       Year        Year

 

Valuation-2,000(+)      n/a              n/a          n/a                 n/a          n/a

Val-1,000 to 1,999        4                5,018     2008               n/a          n/a

Val-500 to 999              7                4,454     2008               $7,000     $5,000

Val-200 to 499             18               6,160     2008               $6,000     $4,000

Val-100 to 199             23               3,490     2009               $4,500     $3,000

Alt.-50 to 99                26               1,865     2009               $3,000     $1,800 

Alt.-25 to 49                32               1,121     2009               $1,800      $1,200

Alt.-Under 25               32                   274    2009               $1,500      $1,000    

 

Actuaries Northwest

4570 167th Ave SE

Issaquah, WA 98027

Phone:   425-643-8050