New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle II - Deferred Compensation Board › Part 9005 - Auditing, Bonding And Insurance › Section 9005.1 - Financial statements, auditing and agreed-upon procedures reports

Current through Register Vol. 46, No. 28, July 10, 2024
The board, with respect to the State plan, and the deferred
				  compensation committee, with respect to any other plan, shall be responsible
				  for causing such plan to be in compliance with this section for each plan
				  year.
(a) Subject to subdivision (c)
				of this section, a plan shall be subject to this subdivision for a plan year if
				the plan has fewer than 100 participants as of the last day of the plan year.
				If a plan is subject to this subdivision for a plan year, the deferred
				compensation committee shall:
(1) prepare, or
				cause to be prepared, for the plan year an unaudited financial statement of the
				net assets available for benefits and the related statements of changes in net
				assets available for benefits for the plan year-end; and
(2) engage, or cause to be engaged, in
				accordance with the requirements of Part 9003 of this Title, a certified public
				accountant to conduct a review of the plan's activities during the plan year
				and to produce an agreed-upon procedures report for the plan year, which report
				shall specify the procedures and the results of the procedures by such firm of
				certified public accountants in the review of each of the following items (and
				any other additional items as may be required by the deferred compensation
				committee for the plan):
(i) whether
				participant account balances, by investment option and in the aggregate as of
				the plan-year end, as reported by the administrative service agency for the
				plan, agree to the value of the assets held by the trustee of the plan by
				investment option and in the aggregate as of plan-year end;
(ii) whether participant deferrals reported
				by the plan sponsor, by individual participant and in the aggregate, for the
				plan year agree with the deferrals received by the trustee of the plan for the
				plan year;
(iii) whether
				participant deferrals for the plan year were properly authorized and accurately
				remitted to the trustee of the plan in accordance with the timing and other
				requirements of the plan document (or industry practice if no direction is
				provided in the plan document);
(iv) whether the plan properly and separately
				accounted for pre-tax and, if applicable, designated Roth contributions
				deferred or contributed for the plan year;
(v) whether maximum contribution limitations
				and minimum required distribution requirements were properly implemented for
				the plan year;
(vi) whether
				participant requests for lump sum and installment benefit distributions for the
				plan year were properly authorized and processed in accordance with the plan
				document and contractual provisions (or industry practice, if no direction is
				provided in the plan document or applicable contracts);
(vii) whether participant requests for
				unforeseeable emergency withdrawals during the plan year were processed
				according to written procedures, properly authorized and properly
				documented;
(viii) whether
				participant requests for plan loans during the plan year were processed
				according to written procedures and were properly authorized and
				documented;
(ix) whether
				participant requests for deferral amount changes and asset allocation changes
				for the plan year were processed accurately and in a timely manner in
				accordance with the plan document and applicable contract provisions (or
				industry practice, if no direction is provided in the plan document or
				applicable contracts);
(x) whether
				all plan-level and participant-level fees for the plan year were disclosed to
				participants, were allocated in accordance with written procedures and on a
				uniform basis and were assessed solely to support operations of the plan;
				and
(xi) whether, for the plan
				year, employees who were eligible during that plan year to elect to participate
				in the plan were provided with written notification of the plan and enrollment
				opportunities.
(3) The
				specific procedures and methods applied to each item covered by paragraph (2)
				of this subdivision shall be determined in the professional judgment of the
				certified public accountant in accordance with generally accepted industry
				standards in conjunction with the deferred compensation committee for the plan
				prior to the firm's performance of the agreed-upon procedures on the
				plan.