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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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Participant Reporting
Control Objective 8
- Controls provide reasonable assurance that transaction confirmations, participant account
statements, and plan reports are accurate, complete, and are delivered to participants without intervention.
VALIC Control Activities
Tests of Operating Effectiveness
Results of Tests
8.1 The Group Manager database is
used to track plan reports due
dates to verify that the reports
are generated.
Inspected a sample of group plan reports
to determine whether management
reviewed the database to track all
standard report due dates and monitor
whether reports were generated.
No exceptions noted.
8.2 Plan reports are reconciled and
corrected, if necessary prior to
making them available to the plan
sponsors.
Inspected a sample of daily error
reports to determine whether the
reports were reviewed and errors, if
any, were reconciled and corrected on
a daily basis.
No exceptions noted.
8.3 VALIC uses a third-party
vendor to prepare and mail
quarterly account statements
to participants. A reconciliation
is performed of the number of
Social Security numbers sent
to the vendor with the number
of Social Security numbers
processed. Additionally, the
vendor sends VALIC electronic
copies of the quarterly
account statements which are
maintained in COLD.
Test performed by the FCU team:
Inspected a sample of quarterly
account statements processed to
determine whether VALIC Client
Reporting performed a reconciliation
between Social Security number
counts VALIC sent to the vendor and
the Social Security number counts
VALIC received from the vendor
and investigated and resolved any
discrepancies.
Inspected a sample of quarterly
account statements to determine
whether copies sent by the vendor
were maintained in COLD.
No exceptions noted.
No exceptions noted.
IV. VALIC control objectives and controls, and PricewaterhouseCoopers LLP's tests of operating
effectiveness and results of tests