2 AAC 37.180 - Annuity plan operations
(a) The
administrator shall establish the supplemental annuity trust fund as a separate
trust fund of the supplemental benefits system. The assets of the individual
employee annuity accounts must be deposited and held in the fund for the
exclusive benefit of the participating employees or their
beneficiaries.
(b) The Alaska
Retirement Management Board will adopt a written statement of goals and
objectives for the supplemental annuity trust fund. The statement will include
specific investment performance objectives and the time period over which they
are to be realized. The statement will be reviewed and modified as necessary,
and at least annually.
(c) The
administrator shall contract with an independent firm of certified public
accountants to conduct an annual audit of the system, its accounts, and the
supplemental annuity trust fund.
(d) If contributions are posted to an
individual's annuity account after the commencement date of an annuity benefit
and if the contributions do not result from the individual's employment
subsequent to the commencement date, the administrator shall refund the
contributions to the individual in a lump sum.
(e) Investment income will be posted monthly
to the individual annuity accounts. Investment income will continue to be
posted to the expected date of initiation of payment.
(f) The supplemental benefits system will not
initiate payment on an individual annuity account balance of less than
$5.
(g) The employer shall transmit
to the administrator records concerning an employee's period of service, date
of birth, compensation, entrance into service, death, withdrawal and other data
necessary for the proper and effective operation of the system not later than
10 days of the date of occurrence or the first day of the payroll period
occurring closest to the event, whichever is earlier.
(h) The administrator may perform an audit,
review, or assessment of the records of the employer to ensure compliance with
the statutes and regulations of the public employees' retirement system and to
confirm the accuracy of the information reported by the employer to the
plan.
(i) An audit, review or
assessment of the employer records to determine an employer's compliance with
the plan provisions shall include a desk audit, a field audit, or
both.
(j) In conducting an audit,
review or assessment of the employer records, the employer shall allow the
administrator or designee access to original records documenting personnel
hiring and employment practices.
(k) Following the audit, review or assessment
of the employer records, the employer will be provided with written preliminary
findings. The preliminary findings will identify inaccuracies and issues to be
resolved to maintain compliance with plan provisions. Not later than 30 days of
the date of the receipt of the preliminary findings the employer shall submit
additional documentation for consideration or to respond to the preliminary
findings.
(l) The final audit will
include audit or review findings and will be provided to the employer not later
than 60 days after consideration of any documentation or response submitted
under (k) of this section.
(m) In
this section, unless the context otherwise requires,
(1) "audit" means the process of obtaining
competent evidentiary material about employer records through inspection,
observation, inquiry, and confirmation sufficient to support a reasonable basis
for determining the employer's compliance with the legal requirements of the
supplemental benefits system.
(2)
"desk audit" means an audit of an employer's records conducted by the
administrator or designee based upon an examination of an employer's records
without an onsite visit to the location of the employer's business
records;
(3) "field audit" means an
audit of an employer conducted by the administrator or designee based upon an
examination of an employer's records with an on-site visit to the location of
the employer's business records.
Notes
As of Register 175 (October 2005), changes were made to 2 AAC 37.180 by the regulations attorney to recognize the establishment of the Alaska Retirement Management Board to replace the Alaska State Pension Investment Board, the Alaska Teachers' Retirement Board, and the Public Employees' Retirement Board. The changes were made by the regulations attorney in accordance with ch. 9, FSSLA 2005 and AS 44.62.125(b)(6).
Authority: AS 39.30.154
AS 39.30.155
AS 39.30.160
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