HomeMy WebLinkAboutDocumentation_Pension General_Tab 17_05/04/2009Laur, Be
From: Forsythe, Jody
Sent: Thursday, March 26, 2009 9:52 AM
To: 'Chiocca, Jerry (x1020)'
Cc: Rahim, Monica; McWilliams, Lori; Laur, Betty
Subject: Pension plans in compliance with IRS Code
Jerry,
The pension board has asked for your response in regards to your firms performance of the audit.
Question: "when the plan had been reviewed and audited by the Village auditors, if that was one of their standard
compliance tests whether or not the plan was in compliance with the IRS."
Thanks,
Jody
Jo~Fwvi. ~orsl~the, C.Pf~
Finance Director
Village of Tequesta
561-575-6207, ext. 270
i forsvthena,teauesta.or~
www.Tequesta.or~
Please note: Florida has a very broad public records law. Most written communications to or from state or local
officials regarding state or local business are considered to be public records and will be made available to the public
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Laur, B®
From: Forsythe, Jody
Sent: Thursday, March 26, 2009 1:30 PM
To: Rahim, Monica; McWilliams, Lori; Laur, Betty
Subject: FW: Pension plans in compliance with IRS Code
Attachments: rachlin_bti.gif
Per your request --please see email below from Raehlin LLP.
-Jody
~o~v~v~ ~o-~s~~He. ~~
Finance Director
Village pf Tcquesta
5~1-575-Ei207~ ext. 270
i forsvthe(a7teauesta.or~
www.Tequesta.or~
.Please note: Florida has ~ very broad public records law, Most written eommunieatians to or from state or local
officials regarding state or Ipeal business are considered to be public records and will be mode available to the public
and the media upon request, Thercfure, year e-rrt~til rrzessage rrtay 1>e sult~cct to public disclosure:.
From: Chiocea, Jerry (x1020) [mailto:Jehioeca@rachlin.com]
Sen#: Thursday, March 26, 2009 12:36 PM
To: Forsythe, Jody
Subject: RE: Pension plans in compliance with IRS Code
Jody as know we audit the financial statements; cash, investments, contributions, benefit payments, etc. to be ass~xredi
that those amounts are properly recorded and presented i.n accordance with GASB requirements; we test benefit
calculations to determine that retires are receiving the proper amount as well as refunds; we confiirm cash and
investments ascertaining that earnings or losses are properly recorded and held by trustees and in compliance with state
statutes arld the investment policy; we test employee and employer contributions; this is a briefoverview of what the:
audit entails; we also obtain a SAS70 report from the custodian ascertaining their internal controls surrounding thei;:r
processing of investment transactions for their retirement plans that they handle,
Since we are not attorr~ys we do not vouch for the plan to be in compliance with the IRCor with the new IR$~
regulations;. a pension attorney would work with the Plan to ensure that the plan is in compliance with those
regulations. Plan attorneys have been reviewing the plans to make that determination as the IRS now wants to have all
governmental pension plans to obtain an IRS letermination Letter.
~:..Tei`1'y` C~EOCC&~ ~P~ ro [le
1r'~~~tner
Assurance Services
Rachlin LLP
One SE Third Avenue, 'T'enth F1QOr, Miami, Florida 331 ~ 1
phpne Dade: (305) 373-7939 x1020 / Broward: (954 728-2504 x1020
~~ Dade: (,(>5) X77-8 ;3 i l Firc}card: (9.5-1~ 525-20E}4
jchioccanarachlin.com
www.rachlin.com - www.rachlinfoundation.or~
Please seethe bottom of this e-mail chain for Rachlin LLP Confidentiality Notice and Circular 230 Disclaimer.
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