HomeMy WebLinkAbout37 SAS No. 70 Report Policy TAB 37
SAS NO . 70 REPORT
POLICY
March 15 , 2011
CITY OF LANSING
POLICE AND FIRE RETIREMENT SYSTEM BOARD OF TRUSTEES
EMPLOYEES' RETIREMENT SYSTEM BOARD OF TRUSTEES
STATEMENT ON AUDITING STANDARDS No.70 ("SAS No. 70")REPORT POLICY
1. Purpose.
The Lansing Police and Fire Retirement System Board of Trustees and the Lansing Employees'
Retirement System Board of Trustees (collectively,the"Board")establish the following policy to provide
a procedure for the annual receipt of its investment consultant's SAS No. 70 report.
II. Policy.
A. Each calendar year the City's Finance Department receives an SAS No. 70 report' from the Board's
investment consultant.
B, Upon receipt, the Finance Department shall forward a copy of the SAS No. 70 report to the
Retirement Analyst. The Retirement Analyst shall place the SAS No. 70 report on the agenda of the
Board's next regular meeting and provide a copy to the Board's legal advisor.
C. The SAS No. 70 report shall be presented to the Board by its legal advisor at the regular meeting.
D. If the SAS No. 70 report meets with the Board's approval, it shall publicly accept the SAS No. 70
report. Such acceptance shall be reflected in the Board's meeting minutes.
E. If the SAS No. 70 report does not meet with the Board's approval,the Board shall relay the report and
its concerns to its actuary.
F. Once approved by the Board,the SAS No. 70 report shall be filed by the Retirement Analyst.
III. Compliance with Applicable Laws.
Nothing contained within this policy shall be construed to relieve a person of the duties and obligations
imposed by the Lansing Code of Ordinances or state and federal law.
Policy adopted by the Police and Fire Retirement System Board of Trustees March 15, 2011
SAS No. 70 is a standard form report that allows service organizations to disclose their control activities and processes to their
customers and their customers'auditors in a uniform reporting format.
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