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<br /> <br /> <br />1 <br /> <br /> <br /> <br />Cavanaugh Macdonald <br />February 6, 200 ~ ~~' I~ U L T I~ G, L L G <br />l~Jc: ?l'U :';°i>C~ Cti?Cl L~'2l?'ICQP101t 1~Oi! t7BS@I'1'c' <br />;er /Finance Director <br />Ms Pamela S. Dubois <br />Deputy County Manal <br />Cabarrus County <br />65 Church Street <br />Concord, NC 28025 <br />December 31, 2007 Actuarial Valuation of <br />the Health Care Plan of Cabarrus Countv <br />Dear Ms Dubois: <br /> <br /> <br /> <br />Enclosed are the results of the December 31, 2007 Actuarial Valuation of the Health Care Plan of Caba-rus County. <br />In preparing the valuation, the actuary relied on data provided by the employer and the Local Governmental <br />Employees' Retirement System. While not verifying the data at source, the actuary performed tests for consistency <br />and reasonability. The assumptions used by the actuary are in the aggregate reasonably related to the experience <br />under the program and the reasonable expectations of anticipated experience under the program. <br />The valuation was based on an assumed interest rate of 4.00%. Schedule A summarizes the valuation results, <br />including membership data, the valuation balance sheet and the actuarially determined contribution rates. Schedule <br />C outlines the full set of actuarial assumptions and methods employed. Schedule D provides a summary of the <br />benefit and contribution provisions taken into account. <br />The annual required contribution was determined in accordance with the accounting requirements under GASB <br />Statement No. 43 and GASB Statement No. 45. We have presented the required GASB disclosure information in <br />Schedule B. <br />Future actuarial results may differ significantly from the current results presented in this report due to such factors as <br />' the following: plan experience differing from that anticipated by the economic or demographic assumptions; <br />changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation <br />of the methodology used for these measurements (such as the end of an amortization period or additional cost or <br />contribution requirements based on the plan's funded status); and changes iu plan provisions or applicable law. <br />Since the potential impact of such factors is outside the scope of a normal annual actuarial valuation, an analysis of <br />the range of results is not presented herein. <br /> <br /> <br />TBG/Ae:kh <br />Enclosure <br />If you have any questions about this information, please call us at 678.388.1700. <br />Respectfully ubmitted, <br />Todd B. Green <br />Senior Consultant <br />r ~~ <br />Alisa Bennett, ASA, EA, FCA, MAAA <br />Senior Actuary <br />