The Florida Legislature
Office of Program Policy Analysis and Government Accountability
Performance Audit of the Deferred Compensation Plan Administered by the Department of Insurance , Report No. 12292, May 1994
- The Department of Insurance (DOI) does not review the performance of deferred compensation investment products purchased by participating state employees on a regular basis to be sure that the products are meeting their investment objectives. Also, the Department has not ensured that state employees are provided information that allows them to compare investment options under the plan to make informed investment decisions. The marketing materials for Plan products do not readily identify all fees assessed and can be difficult to read.
- The DOI's procedures for handling deferred compensation creates duplication of effort and layers of bureaucracy. This situation is compounded by a lack of automation that causes inefficiencies.
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