283 / 499
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.
Back to TOCClick
VALIC
.com 76
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
11.7 A Retirement Manager
Disbursement Eligibility module
is available for plan sponsors
using aggregated disbursement
information for 403(b) and
457(b) plans in Retirement
Manager. Retirement Manager
calculates loan, hardship
withdrawal or unforeseen
emergency, in-service exchange,
severance of employment, and
age-based distribution eligibility
based on 403(b), 457(b) or
specific plan restrictions. The
resulting certificate is used by the
plan participant to request final
approval from the designated
vendor based on individual
contract restrictions.
Observed a disbursement to determine
when Disbursement Eligibility Module
was activated, whether Retirement
Manager calculated loan, hardship
withdrawal or unforeseen emergency,
in-service exchange, severance
of employment, and age-based
distribution eligibility.
No exceptions noted.
11.8 In cases where a 403(b) or
457(b) plan has multiple
campus locations governed
by the same plan document,
Retirement Manager can
perform compliance services
for disbursement requests and
provide disbursement reporting
based on plan data under all
campus locations.
Observed a plan with multiple campus
locations governed by the same plan
document to determine whether
Retirement Manager performed
compliance services for disbursement
requests and provided disbursement
reporting based on plan data.
No exceptions noted.
IV. VALIC control objectives and controls, and PricewaterhouseCoopers LLP's tests of operating
effectiveness and results of tests