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State of Delaware 403(b) Plan Financial Statements for December 31, 2019 and 2018

Report Details

Report Description: 
What Was Performed? A financial statement audit of the State of Delaware 403(b) Plan for Calendar year 2019 was performed Why This Engagement? The 403(b) plan is a voluntary plan that allows education employees to defer a portion of their paycheck to a retirement plan. This benefit is offered to help bridge the retirement income gap and lower participants’ current taxes. The Plan is intended to satisfy the requirement of Section 403(b) of Internal Revenue Code of 1986 as amended. This engagement was performed in accordance with 29 Del. C. §2906 and §6058. What Was Found? This report has a disclaimed opinion. 1 Why is the audit opinion disclaimed? The Department of Labor permits the exclusion of investment vendors which were previously approved but discontinued prior to 2009. Since the financial statements permissibly exclude significant dollars for more than one hundred of these discontinued vendors, the auditors cannot opine that the financial statements are complete and accurate in all material respects. Disclaimed audit opinions are standard in these cases.
Date Issued: 
Thursday, January 14, 2021
Agency Reviewed / Investigated: 
Location: 
DE
United States
Type of Report: 
Audit
Professional Standard: 
Other

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