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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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Control Objective 11
- Controls provide reasonable assurance that employer, plan and vendor information setup
in Retirement Manager is authorized and processed accurately, completely and in accordance with instructions
received from the plan sponsors, vendors and participants.
VALIC Control Activities
Tests of Operating Effectiveness
Results of Tests
11.4 With regard to Contribution
Limits and HardshipWithdrawal
Enforcement modules, funds are
released to the vendor or returned
to the plan sponsor as instructed.
Observed a contribution to determine
whether the common remitter
service in Retirement Manager
completed a reactive process to
either 1) stop processing of the
individual excess contributions or
returning the contributions to the
employer plan sponsor after receiving
directions from the plan sponsor
or 2) suspend contributions due to
hardship withdrawal prior to releasing
funds to the vendor or returning the
contributions to the plan sponsor.
No exceptions noted.
11.5 Amonthly audit of inbound SPARK
files is performed to determine if
any of the expected plan data is not
received. If any of the data is not
received for active vendor plans
on RetirementManager, contact
ismadewith the vendor or plan
sponsor regarding the delay.
Inspected a sample of monthly audits
performed by VRSCO to determine
whether expected plan data was
received, by comparing the active
vendor plans on Retirement Manager
to the vendor plan SPARK data. For
any issues noted, inspected evidence
to determine whether they were
researched and resolved.
No exceptions noted.
11.6 Retirement Manager aggregates
disbursement information
from plan vendors due to
loan, hardship withdrawal or
unforeseen emergency, in-
service exchange, severance of
employment, and age-based
distributions and provides the
plan sponsor or vendors with
consolidated disbursement
reporting across vendors.
Observed a plan sponsor dashboard
within Retirement Manager to
determine whether the aggregated
disbursement data matches the SPARK
source file.
No exceptions noted.
IV. VALIC control objectives and controls, and PricewaterhouseCoopers LLP's tests of operating
effectiveness and results of tests