Specifications include, but are not limited to: Fire and Police Pensions Valuation – Written Report Required The Services shall include the preparation of separate reports for the Police and Fire Pension Funds and reports must include: 1. Actuarial certification; 2. Summary of valuation objectives; 3. A statement of the actuarial cost method selected and actuarial assumptions; 4. The results of the valuation, including the recommended and the “Statutory Minimum” contribution from the Village to properly fund the Village’s Police and Fire Pension Funds; and 5. Comprehensive Annual Financial Report (CAFR) Governmental Accounting Standards Board (GASB) statement disclosure information, calculations of deferred inflows and outflows, and any other year-end actuarial calculations required for financial reporting in accordance with Generally Accepted Accounting Principles (GAAP). The Services shall also include: 1. Delivering the Reports to the Village within 90 days of the Village’s year-end during the term of the Agreement; 2. Coordinating and discussing the Reports with Village Staff as may be needed; 3. Attending Village Board meetings, Finance Committee meetings, and/or Pension Board meetings as requested; and 4. Updating staff on any new legislation and regulations that may be relevant to the administration of the pension plans. Optional Services may include (not required): 5. If available from the Quoter, the Village would like a cost estimate of a 3-5 year modeling tool that allows the Village finance staff to review estimated financial results based on various assumptions, such as asset returns, amortization methods, and cost methods. This allows the actuary to review different scenarios and communicate those results to the Village Board and staff. Please include in your proposal if your firm can provide such a tool.