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Financial Statement Audit of Delaware 457(b) Deferred Compensation Plan for Years Ended December 31, 2019 and 2018

Report Details

Submitting OIG: 
State of Delaware Auditor of Accounts
Report Description: 
What Was Performed? A financial statement audit of the State of Delaware Deferred Compensation 457(b) plan as of December 31, 2019 and 2018 was performed. Why This Engagement? In accordance with 29 Del. C. §2906 and §6058, under the direction of the Auditor of Accounts, a financial statement audit of the State of Delaware Deferred Compensation Plan was performed, which comprise the statement of fiduciary net position as of December 31, 2019 and 2018. The 457(b) Plan is the deferred compensation (supplemental retirement) plan is available to most State of Delaware employees (full time pension eligible employees are eligible but not casual seasonal employees). The plan was originally established on July 1, 1971 and has been amended multiple times since it was founded. It’s under the umbrella of the Delaware Retirement Savings Plan known as DEFER, managed through Voya. The goal of the plan is to supplement retirement income for State of Delaware employees in addition to what they may receive through the State’s pension program and Social Security.
Date Issued: 
Tuesday, October 27, 2020
Agency Reviewed / Investigated: 
State of Delaware
Location: 
DE
United States
Type of Report: 
Audit
Professional Standard: 
Other
Report File Link: 
https://auditor.delaware.gov/wp-content/uploads/sites/40/2020/10/2019-State-of-D…

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