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Prepared for Springfield R-XII School District
10
Beneficiary changes?
X
Beneficiary tracking?
X
Address changes?
X
Questions on employee statements?
X
Questions on taxability of distributions?
X
Request for investment information?
X
Information requests for prospectus?
X
Payroll withholding?
X
C.
Recordkeeping/Administration
1. When was the most recent independent quality control audit of your recordkeeping
system performed? Please provide a copy of auditors’ most recent SOC 1 report.
The most recent report was for the period from October 1, 2015 through September 30,
2016.
Please refer to the CSD-RT VALIC tab for the most recent SSAE 16 Report.
2. Please detail the most efficient way for the District to remit participant data and
contributions to your firm. Are there any other options? If so, please describe.
VALIC prefers contribution remittance via electronic transfer of funds (EFT) and electronic
submission of data through our secure website.
VALIC provides a secure, web-based upload process using the latest encryption technology
for transmitting plan contributions 24 hours a day, seven days a week. This service assists
plan sponsors with ensuring plan contributions are invested on a timely basis. Access to the
site is restricted to only those authorized by the plan sponsor and requires a user ID and a
user-established password.
Contributions are processed and allocated to accounts the same business day both
instructions and funding have been received by VALIC. The preferred method for
transmitting payments is via a federal wire transfer. A history of contribution file transactions
is available on the website for the plan sponsor to view at any time.
In addition, we offer our clients the option of fund remittance via Debit ACH (Automated
Clearing House). VALIC does not anticipate any timing or pricing issues with Debit ACH.
3. Please describe how your system processes comply with the 403(b) and 457(b)
regulations, and 415 and other regulations that apply.
VALIC has dedicated a team of professionals to monitor our systems and our clients' plans
to make sure they remain in compliance with changing rules and regulations. Additionally,
we assign law division personnel to support the system review process to ensure continued