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Rael & Letson <br />CalPERS Actuarial Analysis Fee Letter ◥ City of Pleasanton 5 <br />COMPANY BACKGROUND <br />Rael & Letson was established in 1963 for the sole purpose of providing actuarial and consulting <br />services to both health & welfare and retirement plans. Today, that is still our focus. In addition to <br />our headquarters in San Mateo, California, we have offices in San Diego, California; Seattle, <br />Washington; and Honolulu, Hawaii. Our client base is over 200 and includes public entities, <br />multiemployer trust funds, and corporate plans. For more information about our firm, please visit <br />our website at www.rael-letson.com. <br /> <br />Our firm has been providing actuarial and consulting services for over six decades, with a <br />longstanding focus on serving public sector clients. The team assigned to the City focuses <br />exclusively on California public agencies and is exceptionally qualified to provide these services: <br /> <br /> California Public Sector Experts <br />The project team assigned to the City brings a combined 90 years of experience working with <br />California public agencies. We have extensive experience in providing the actuarial services <br />needed by public entities and have worked on a vast array of OPEB and CalPERS issues. <br /> <br /> Clear Communication and Reports <br />We provide separate biennial funding valuation reports and annual GASB 75 disclosure <br />reports. We believe agencies that are prefunding should understand the long-term impact of <br />their funding policy, which is outside the scope of GASB 75. Our standard OPEB reports <br />provide projections of Actuarially Determined Contributions and plan Funded Status. <br /> <br /> Compliance <br />We produce pension and retiree health benefit plan disclosures that withstand audit review <br />and meet current standards of the Governmental Accounting Standards Board (GASB). We <br />dedicate significant efforts to making sure we are up to date on all new developments. In the <br />course of performing our work, we will update our procedures and formats to reflect any <br />changes to GASB 75/68, Actuarial Standard of Practice No. 6 (ASOP 6), or other relevant <br />financial pronouncements. This would be ensured by peer reviewer, Jim Whelpley, who has <br />written several OPEB-related actuarial practice notes and is a member of the committee that <br />is currently working on the revision of ASOP 6 that governs OPEB actuarial valuations. <br /> <br /> Quality and Timely Results <br />Delivering quality work is very important to us. In addition to performing “normal” data <br />analysis, we also check for data consistency by comparing selected data items against <br />information provided on other internal reports and our understanding of the Plan provisions. <br />Moreover, peer review is performed at all stages of the valuation process, and a final review <br />is done by a consulting actuary. We also maintain adequate staffing levels to ensure we are <br />able to meet clients’ deadlines and maintain our high-quality standards. <br /> <br /> <br />Docusign Envelope ID: E561D385-1846-8733-8390-54501B3D0556