Audit of Internal Controls over Receivership Employee Benefit

AUDIT OF INTERNAL CONTROLS OVER RECEIVERSHIPEMPLOYEE BENEFIT PLANSAudit Report No. 00-001January 12, 2000OFFICE OF AUDITSOFFICE OF INSPECTOR GENERALMaterial has been redacted from thisdocument to protect personal privacy,confidential or privileged information. Federal Deposit Insurance Corporation Office of Audits Dallas, Texas 7501 Office of Inspector GeneralJanuary 12, 2000MEMORANDUM TO: A.J. Felton, Deputy DirectorFROM:Regional DirectorSUBJECT:(Audit Report No. 00-001)employee benefit plans, the FDIC may call upon the services of financial institution trustthe report, historical information on the employee benefit plans for which the FDIC assumedfor missing participants for plans that are no longer active. Unfortunately, as we explain later ininformation regarding active plans, the Bank Account Directory includes bank accounts set upincluding those associated with employee benefit plans—totaled almost $861,000. In addition toAccount Directory—which is a database that DOF maintains of FDIC-related bank accounts,assets totaling almost $666,000. At the same time, the Division of Finance’s (DOF) Bankwas overseeing the activity of seven active receivership employee benefit plans with remainingAs of August 31, 1999, the FDIC's Division of Resolutions and Receiverships (DRR) in Dallasdepartments, commercial benefit plan administrators, actuaries, ...