§ 1314. Audit and reports. 1. The board shall annually submit:

(a) an audited financial report, prepared in accordance with generally
accepted accounting principles, on the operations of the program during
each calendar year by July first of the following year to the governor,
the commissioner, the speaker of the assembly, the temporary president
of the senate, the chair of the assembly ways and means committee, the
chair of the senate finance committee, the chair of the assembly labor
committee, the chair of the senate labor committee; and

(b) a report prepared or authorized by the board, which shall include,
but is not limited to, a summary of the benefits provided by the
program, including the number of enrollees in the program, the
percentage and amounts of investment options and rates of return, and
such other information that is relevant to make a full, fair, and
effective disclosure of the operations of the program. The annual report
shall be made by an independent certified public accountant and shall
include, but is not limited to, direct and indirect costs attributable
to the use of outside consultants, independent contractors, and any
other persons who are not state employees for the administration of the
program.

2. In addition to any other statements or reports required by law, the
board shall provide or cause to be provided periodic reports at least
annually to enrollees, reporting contributions and investment income
allocated to, withdrawals from, and balances in their program accounts
for the reporting period. Such reports may include any other information
regarding the program as the board may determine.