Prior Service

• Introduction
• How the Prior
  Service Benefits
  Program Began
• U.S. Congress
  Approves Partial
  Funding
• Final Funding is
  Needed
• Accountability of
  Funds
• Legislative History
• Benefit Calculation
• The Latest News
• Communications
• Update Status

Accountability of Funds

The assets of the Prior Service Trust Fund are audited by Deloitte & Touche on an annual basis in addition to monthly reviews, which are made available to representatives of the respective member governments, the fund actuary and the Department of the Interior. A comprehensive compliance audit was performed by the Department of the Interior Inspector General covering the period from 1987 through 1991, during which no accounting discrepancies were noted.

The fund assets are invested by two money managers and reconciled by a custodial bank. The financial advisor, Merrill Lynch, assists with investment policy guidelines and adherence to investment objectives and furnishes a comprehensive quarterly investment performance review. The investment performance of the fund ranked in the top 10 percent of all similarly managed funds for the past 5-1/2 years through September 1996.