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Table of Contents (TOC)
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I.
Report of Independent Service Auditors.............................................................................................................................4II.
The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Retirement Services Company (VRSCO) and VALIC Financial Advisors, Inc. (VFA) assertion................................................................8 The VALIC Assertion........................................................................................................................................................................ 9III.
Description of the VALIC Defined Contribution Plan Administration System.........................................................11 Overview of operations and services provided....................................................................................................................... 12 Overview of the Organization........................................................................................................................................................ 12 Description of Processing Environment..................................................................................................................................... 15 Overview of control environment................................................................................................................................................. 17 Control Environment......................................................................................................................................................................... 17 Risk Assessment Process................................................................................................................................................................ 17 Information and Communication................................................................................................................................................. 18 Control Activities................................................................................................................................................................................ 18 Monitoring............................................................................................................................................................................................ 18 Description of transaction processing........................................................................................................................................ 20 Contract/Plan Administration....................................................................................................................................................... 20 Participant Record Keeping............................................................................................................................................................ 22 Account Changes............................................................................................................................................................................... 23 Plan Sponsor Remittance Instructions....................................................................................................................................... 24 Contribution Processing................................................................................................................................................................... 24 Transfer of Value and Asset Allocation Changes................................................................................................................... 28 Loans....................................................................................................................................................................................................... 29 Benefit Payments............................................................................................................................................................................... 29 General Ledger Interface................................................................................................................................................................. 31 Client Reporting.................................................................................................................................................................................. 32 Asset Management........................................................................................................................................................................... 32 Income Collection and Asset Valuation..................................................................................................................................... 33 Compliance and Regulatory Support.......................................................................................................................................... 35 Retirement Manager......................................................................................................................................................................... 36 General computer controls............................................................................................................................................................. 38 Applications and Systems Development andMaintenance.............................................................................................. 38 Database Administration................................................................................................................................................................ 42Report on controls placed in operation and tests of operating effectiveness
This report is intended for use by the management of the Variable Annuity Life Insurance Company ("VALIC") and its subsidiaries.
VALIC Retirement Services Company ("VRSCO") and VALIC Financial Advisors, Inc. ("VFA"), its user entities, and the independent
auditors of its user entities, and is not intended and should not be used by anyone other than these specified parties.
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