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Audit (A-07-09-00318)

07-13-2009
Audit of Cooperativa de Seguros de Vida de Puerto Rico's Unfunded Pension Costs for 1986 to 2007

Executive Summary

Cooperativa de Seguros de Vida de Puerto Rico (COSVI) did not properly fund the pension costs allocable to the Medicare contracts in accordance with the Federal Acquisition Regulation and the Cost Accounting Standards for plan years 1986, 1987, and 1988. In addition, COSVI did not identify or properly account for unallowable unfunded pension costs. As a result of these errors, COSVI, understated the January 1, 2007, accumulated unallowable unfunded pension costs by $800,000 ($76,000 for the Medicare segment plus $724,000 for the "Other" segment).

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