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Governmental Accounting Standards Board (GASB)


We are pleased to announce that OEBB is continuing an offering for GASB 45 actuarial valuation services on behalf of its member entities. These services will be provided through an existing contract held by Citycounty Insurance Services (CIS). The CIS contract is with the actuarial firm Milliman, Inc - a leading national actuarial firm - and the engagement will be managed by Milliman's Portland office. This offer allows OEBB member entities to participate in a "group" valuation designed to comply with GASB standards at a cost that may be less than what entities would have to pay on an individual basis. Please note that this is an option for your entity to consider, not a requirement of OEBB.

Following is information about the project, including instructions for enrollment in the October 1, 2014 actuarial valuation process. The October 1, 2014 valuation reports will provide financial reporting disclosures for fiscal years ending June 30, 2015 and June 30, 2016. Please see the Sample Valuation Report for the content of the report.

For new entrants into the project, Milliman typically provides an advisory recommendation letter discussing whether GASB 45 applies to your entity, and if so, to which benefits. The entity receiving the letter can review the conclusions with its auditors and determine whether to proceed with a valuation.

Every entity that wishes to have Milliman provide GASB 45 services will be asked to enter into an agreement with Milliman that describes the services they will provide and their cost. The agreement is available through the link shown below. OEBB will assist all member entities in providing census data related to OEBB sponsored plans regardless of the actuarial firm you have chosen to work with. However, any questions related to your entities’ GASB requirements should be directed to your actuarial consultant or auditors.

OEBB’s intent is to give you another option and leverage the size of our group to reduce the administrative burden as well as costs associated with securing these services. We are acting as a conduit to the services of Milliman, Inc. via the CIS contract and while we are unable to offer consultation or guidance on your GASB obligation we’ll do whatever we can to make the data gathering as efficient as possible for you.

Important Timing Notes

An "early bird" discount of 3% will apply to entities which enroll by July 24, 2015. Entities may contact Milliman to enroll at any time prior to October 31, 2015, but some additional time and expense charges may apply to bring the entity's processing up to speed.

Milliman is aware of the December 31 CAFR submission deadline for all entities.

Enroll your Entity

This page contains complete steps to get your entity enrolled in Milliman's GASB 45 services for October 1, 2014 actuarial valuation reports.

Step 1: Review Q&A

First, please review the following Questions and Answers regarding GASB 45 services including a sample valuation report:

GASB 45 Questions and Answers

Step 2: Estimate Cost

This Excel model will assist in estimating the cost of the October 1, 2014 GASB 45 valuation:

Cost Estimator

Please note that the prices in this cost estimator reflect reductions from the amounts shown in the Actuarial Services Agreement. Milliman voluntarily lowered prices for the 2014 valuations and the cost estimator reflects those reduced prices.

Step 3: Submit Agreement and Invoice

For New Clients:

Here is the Agreement with Milliman which will get your entity enrolled in this project. Also provided is an invoice for the initial deposit required to commence work. Work will proceed in two main stages. In the first stage, Milliman will provide an advisory recommendation as to whether a GASB 45 valuation is appropriate, and if so, covering what benefits. In the second stage, Milliman will proceed with the valuation upon receiving the entity’s approval.

Entity Agreement with Milliman

Invoice for New Clients

For Returning Clients:

To enroll in the October 1, 2014 actuarial valuation process, print out and complete the invoice found below. Attach a printout of the Excel cost estimator to the invoice along with payment. Note that the Actuarial Services Agreement from prior valuation reports is still in effect and need not be re-signed.

Invoice for Returning Clients


Employers who have received an advisory recommendation letter in the past generally should not need to get a new letter. However, in the rare instance where an Employer has implemented a new retiree stipend or medical benefit, a new recommendation letter would likely be appropriate.

Step 4: Email Milliman

For New Clients Only:

Please e-mail Milliman at with a brief description of the retiree medical and stipend benefits offered by your Employer to its retirees. Attach portions of relevant bargaining agreements which describe any such benefits. Milliman will follow up with you on this information as needed.

More Information

Please be sure to read the Questions and Answers above. If you are unable to find an answer to your question in these materials you can submit the question to the Milliman mailbox:

If you have questions about the engagement itself or OEBB's role, please contact Mary French, Benefits Data Analyst at 503-378-3956 or via email: