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Our lead attorney has more than 20 years’ experience working directly with plans and was a
contributing author to the Panel’s 403(b) Answer Book from 1995 until 2011.
VALIC also retains a major Washington, D.C. law firm as outside legal counsel to assist in
tax matters. As well, VALIC’s government affairs department is committed to supporting
legislative efforts to retain tax features associated with retirement programs for
governmental, healthcare, educational and tax-exempt organizations.
Please note that VALIC's law division does not render legal advice to our client groups.
However, we are happy to offer, at no additional cost, collaborative (non-advisory) contacts
between your legal counsel and ours to discuss plan matters (deemed appropriate by you
and VALIC) within the context of our ongoing relationship.
Regulatory and Legislative Changes
VALIC uses several methods to notify clients of legislative or regulatory changes that may
affect their programs. First, our newsletter provides updates on such changes periodically.
This publication is sent to clients, as well as all field offices and relationship managers.
Second, our extensive network of local financial advisors, district vice presidents and
relationship managers is available to discuss any pending or enacted legislation. Finally,
VALIC's website features articles and webcasts on the most current news, legislation and
regulatory updates that may affect retirement programs.
VALIC has dedicated a team of professionals to monitor our systems and our clients' plans
to assist the plan sponsor with compliance with changing rules and regulations. Additionally,
law division personnel support the system review process to ensure continued compliance.
VALIC also actively participates in design and testing of system enhancements made
necessary by regulatory changes.
Because our plan administration professionals are highly trained in the intricacies of plan
design and compliance, they can assist the plan sponsor with these issues.
Plan Compliance
VALIC administers the plan document according to its terms, and updates our plan
documents to reflect legislative or regulatory changes, enabling VALIC to monitor
compliance and help the plan sponsor meet federal regulations with respect to its plan. We
also perform periodic audits to verify that all necessary forms and authorizations are on file.
14.Describe the support you provide in the event of a plan audit. Please specifically
identify any costs associated with these services in the Fees and Expenses portion of
your response.
In the event that your retirement program is selected for examination by the IRS, VALIC's
standard audit package can ensure that a prompt response is provided. If circumstances
lead to compliance failures, our Audits Task Force has knowledge and experience in
assisting clients with corrections under the Employee Plans Compliance Resolution System
(EPCRS) published by the IRS. We are happy to assist you and your legal counsel in
implementing any necessary corrective activity.