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Prepared for Springfield R-XII School District
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12.What checks and balances do you have in place to assure record keeping and plan
administration integrity and accuracy, including how the foregoing applies to
participant account data?
VALIC's programs and procedures ensure plan administration integrity and participant
account data accuracy. These programs and procedures include:
A combination of automated and manual checks and audits ensure that data has been
entered correctly. For any error that occurs in processing, VALIC makes immediate
retroactive adjustments to ensure that the participant's account is not affected.
Each plan's records and transactions are subject to scheduled audits by VALIC's internal
audit unit. Each October, VALIC schedules internal audits to be performed the following
year. The schedule is based on a methodical risk analysis of all areas within VALIC.
Therefore, plan records and transactions can be examined as part of any number of
operational and financial audits.
VALIC's recordkeeping system monitors transactions to ensure compliance with plan
rules. Additionally, a team of dedicated professionals keeps the system in compliance
with changing rules and regulations.
All purchase and redemption activity is handled at the plan (or trust) level, and individual
transactions are maintained at the participant level. An automated
comparison/reconciliation program monitors, tracks, and reconciles all cash movements.
Updates to plan documents (if provided by VALIC) are made as needed to ensure that
the plan complies with all government regulations. Furthermore, VALIC performs periodic
audits to verify that all necessary forms and authorizations are on file.
Our employer communication package notifies organizations of changes in tax laws and
the plan sponsor’s responsibility to comply with those laws. VALIC specialists work
closely with plan sponsors to make certain that plan-specific changes are implemented
quickly and effectively.
13.Which of the following activities will account representatives handle? (for dual
responsibility, please check all that apply):
Activities
Vendor
Responsibility
District
Responsibility
Participant
Responsibility
Eligibility determination?
X
New enrollments?
X
X
Dissemination of communication materials?
X
Enrollment meetings?
X
Contribution rate changes (including an
automated interface to payroll)?
X
Final distributions?
X
Monitoring and soliciting age 70 ½ minimum
distributions?
X
Rollovers?
X
QDROs?
X