98 / 499
Prepared for Springfield R-XII School District
16
31 following the year in which the distribution was made. VALIC remits all participants’
withholding information to the Internal Revenue Service by March 31 following the year in
which distributions were made.
VALIC mails tax forms to participants and makes these forms available online with the
participant’s account login
.
9. What checks and balances do you have in place to ensure transactional integrity?
VALIC has quality review procedures to monitor all transactions and ensure that they are
carried out in accordance with plan provisions and IRS guidelines. We flag a plan’s specific
provisions in our recordkeeping system to systematically prevent transactions that violate
plan rules. VALIC modifies our recordkeeping system as needed when plan specifications
change.
D. Regulatory Services
1. Please provide a brief summary of your overall plan-level compliance and
administrative services capabilities and experience. Provide specific information on
services that would apply across multiple providers in the plan. Additionally, you may
provide information about any other plan-level compliance and administrative
services capabilities not covered in your response to the following specific
questions.
VALIC Retirement Services Company (“VRSCO”) created Retirement Manager in 2003 as a
defined benefit aggregator service. Retirement Manager is a multi-vendor, multi-plan
aggregator service providing cost-saving solutions to help plan sponsors simplify retirement
plan administration through their existing websites. It provides loan and hardship
disbursement compliance. This vendor-neutral service is designed to strengthen the plan
sponsor's retirement branding. VRSCO has experience working side-by-side with legacy
providers through its Retirement Manager plan administration and vendor aggregation
program. Retirement Manager serves as the central location for loan and hardship
withdrawal approvals, and universal availability compliance. VRSCO has been successful in
gathering electronic data from the legacy providers and maintaining the data within each
participant’s Retirement Manager portal.