Unfounded pension costs found in audit of Georgia's Blue Cross/Blue Shield
Healthcare Auditing Weekly, December 4, 2007
The OIG audited Georgia's Blue Cross/Blue Shield unfounded pension costs in order to:
- discover whether the accumulated unfounded pension costs in a prior review were correctly accounted for
- determine whether pension costs from 1994-2000 were funded in agreement with the Federal Acquisition Regulation and Cost Accounting Standards
- identify and account for additional unfunded pension costs
The OIG found that Georgia did not properly account for the entire unfunded pension costs, because pension costs did not follow FAR and CAS in 1999. Because of this, Georgia understated underreported unallowable unfunded pension costs by $1,201,461.
The OIG recommended that Georgia:
- identify 1,201,461 of unallowable pension costs
- properly identify, and update with interest, unallowable unfunded pension costs in the following years
Georgia agreed with the OIG's recommendations.
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