CITY OF PASADENA
DE
FERRED COMPENSATION PLAN
W
ITH INDEPENDENT ACCOUNTANTS’ REPORT
F
OR THE YEAR ENDED JUNE 30, 2021
I
NDEPENDENT ACCOUNTANTS’ REPORT
H
onorable Mayor and
Members of the City Council
of the City of Pasadena, California
Pasadena, California
W
e have performed the procedures enumerated below on the evaluation of the deferred compensation plan of the City of Pasadena as of June 30, 2021. The City is responsible for maintaining records in support of the City of Pasadena (the City) deferred compensation plan.
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of an evaluation of the deferred compensation plan of the City of Pasadena as of June 30, 2021. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The procedures and associated findings are described below.
1. W
e obtained payroll registers for four periods for the fiscal year ended June 30, 2021. We traced t
he amounts withheld relating to the 457 deferred compensation plan to the liability recorded in the benefits fund liability amount payable to the deferred compensation provider (Great-West Financial Services).
Result: No exceptions were noted as a result of our procedures.
2. For
each of the four pay periods selected, we agreed the amounts withheld to the payments issued to the provider.
Result: No exceptions were noted as a result of our procedures.
3. W
e observed the date of the selected payments to determine that withholdings were remitted to the provider for investment within fifteen days following the close of the month the payment related to, in accordance with Revenue Code Section 457.
Result: No exceptions were noted as a result of our procedures.
W
e were engaged by the City of Pasadena to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the AICPA. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the deferred compensation plan of the City as of June 30, 2021. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
We are required to be independent of the City of Pasadena and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed -upon procedures engagement.
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CliftonLarsonAllen LLP
CLAconnect.com
Thi
s report is intended solely for the information and use of the City Council and management of the City of Pasadena , and is not intended to be, and should not be, used by anyone other than these specified parties.
C
liftonLarsonAllen LLP
Irvine, California
December 23, 2021