Department of Employee Trust Funds
Report 17-7 | April 2017
We provided unmodified opinions on the financial statements for the separate funds presented in ETF’s 2015 Comprehensive Annual Financial Report, which can be found on its website. We recommend ETF obtain certain audit reports from its third-party administrators and review these reports to assess the effectiveness of third-party administrator controls. In addition, we recommend ETF closely monitor the financial status of the Income Continuation Insurance (ICI) program, work with the program’s actuary in improving the fund balance of both the State and Local ICI programs, and report to the Joint Legislative Audit Committee by September 30, 2017, on the status of its efforts to address these concerns.
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