§ 1314 — Audit and reports

§ 1314. Audit and reports. 1. The board shall annually submit:\n (a) an audited financial report, prepared in accordance with generally\naccepted accounting principles, on the operations of the program during\neach calendar year by July first of the following year to the governor,\nthe commissioner, the speaker of the assembly, the temporary president\nof the senate, the chair of the assembly ways and means committee, the\nchair of the senate finance committee, the chair of the assembly labor\ncommittee, the chair of the senate labor committee; and\n (b) a report prepared or authorized by the board, which shall include,\nbut is not limited to, a summary of the benefits provided by the\nprogram, including the number of enrollees in the program, the\npercentage and amounts of investment options and rates of return, and\nsuch other information that is relevant to make a full, fair, and\neffective disclosure of the operations of the program. The annual report\nshall be made by an independent certified public accountant and shall\ninclude, but is not limited to, direct and indirect costs attributable\nto the use of outside consultants, independent contractors, and any\nother persons who are not state employees for the administration of the\nprogram.\n 2. In addition to any other statements or reports required by law, the\nboard shall provide or cause to be provided periodic reports at least\nannually to enrollees, reporting contributions and investment income\nallocated to, withdrawals from, and balances in their program accounts\nfor the reporting period. Such reports may include any other information\nregarding the program as the board may determine.\n