Deferred Compensation Board
Administration and Oversight of the New York State Deferred Compensation Plan (Follow-Up Review) Public employees in New York may participate in a deferred compensation plan and thereby defer part of their pre-tax wages until after retirement. In our prior audit report 94-S-96, we examined the procedures used by the Deferred Compensation Board to administer this plan. We found that the Board could be made more representative of plan participants, the cost of administering the plan could be reduced, some of the investments in the plan did not comply with Board guidelines, the riskiness of a certain investment option could be better disclosed, Board decisions could be better communicated to plan participants, and the contracts for managing certain investment options needed to be approved by the State Comptroller. In our follow-up review, we found that actions have been taken to implement most of the recommendations contained in our prior audit report.
For a complete copy of Report 97-F-14 click here.
For a copy of the 90-day response click here.