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ACTUARIAL SERVICES AGREEMENT <br />a. CMC agrees to make no assignment of any of its rights, duties or obligations under <br />this Agreement without the specific approval of the SPONSOR. <br />b. CMC agrees to indemnify and hold harmless the SPONSOR and its officers, <br />employees and agents from and against any claims or causes of action which may <br />arise against the SPONSOR as a result of any negligence or malfeasance on the part <br />of CMC in the performance of its duties under this Agreement. <br />C. CMC agrees to act in accordance with the standards of the actuarial profession. <br />d. CMC agrees to carry a limit of liability of at least one million dollars in Errors & <br />Omissions Insurance coverage, exclusive of defense costs. <br />e. This Agreement, constituting the entire Agreement and understanding between the <br />SPONSOR and CMC, shall be construed to be in accordance with the laws of the <br />State of Indiana and any remedies of the parties pertaining thereto shall likewise be <br />governed by the laws of the State of Indiana. <br />4. Compliance witli I.aw — In performing work hereunder, CMC shall comply with all <br />applicable laws and regulations in its hiring and employment practices and policies for any <br />activity covered by this Agreement. CMC shall also comply with all federal, state, and <br />municipal laws, regulations, and standards applicable to its activities pursuant to this <br />Agreement, including, but not limited to, the requirements imposed by Ind. Code § 22-9- <br />1-10 (non-discrimination). <br />Ownerslii p of Data and Work Product — The SPONSOR will permit the Indiana Public <br />Retirement System to provide CMC such data related to the SPONSOR and the <br />participants, beneficiaries and other individuals interested therein (collectively, the "Data") <br />as is necessary to permit the services to be provided by CMC under this Agreement. In <br />addition, all materials prepared by CMC specifically and exclusively for the SPONSOR <br />pursuant to this Agreement ("work product") shall be exclusively owned by the SPONSOR <br />and shall be deemed works made for hire. In the event any work product may not, by <br />operation of law, be works for hire, CMC hereby assigns to the SPONSOR all of its rights <br />in such work product and copyrights therein. <br />Fees and Charges <br />Annual GASB 68 Actuarial Valuation (Fire Department) $ 3,500 <br />Annual GASB 68 Actuarial Valuation (Police Department) $ 3,500 <br />Total: $ 7,000 <br />Additions (if needed): <br />Annual GASB 68 Discount Rate Determination (per plan) $ 1,300 <br />2 <br />