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Rael & Letson <br />CalPERS Actuarial Analysis Fee Letter ◥ City of Pleasanton 2 <br />Project Scope <br />Our analysis would start with contribution and funded status projections for each of the plans. <br />While we typically provide risk analysis on projections, considering the City has recently adopted a <br />pension funding policy, we don’t believe there is much value to analyzing contribution volatility. <br />Therefore, we will first provide projections based on expected investment returns. These will be <br />based on the recently released CalPERS June 30, 2025 actuarial valuation reports, and will include <br />the impact of the preliminary 2025/26 investment return of 14.8%. <br /> <br />Our analysis of AB 1383 would then provide the projections with and without the impact of the <br />following AB 1383 changes: <br /> Increase in PERSable compensation limit <br /> Increase in the Safety formula to 3%@55. <br /> <br />Fees and Timing <br />Following are the proposed fees: <br />Project Fees <br />Projections and meeting to discuss results $ 7,000 <br />(Optional) Council presentation 2,500 <br />Total $ 9,500 <br />Results would be ready 6-8 weeks after we receive the following information: <br /> CalPERS June 30, 2025 actuarial valuation reports <br /> Description of employee cost sharing <br /> <br />These fees assume: <br /> All meetings will be via video calls rather than in-person. <br /> Our analysis will be in a summary document. If a formal report is needed for the Council, <br />additional fees will apply. We can provide a fee quote for the formal report if requested. <br /> <br />Any additional tasks will be charged at the hourly rates. We will provide a fee estimate with the <br />applicable hourly rates before any work would commence. <br /> <br />Docusign Envelope ID: E561D385-1846-8733-8390-54501B3D0556