Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Public Employees Retirement Association

Financial Audit

For the Year Ended June 30, 1994;

 

Public Release Date: February 24, 1995 No. 95-06

Objectives:

Examine the association's financial statements.

Review internal control structure: Employee and employer contributions, annuity payments, Police and Fire Fund consolidations.

Test compliance with certain finance-related legal provisions.

Conclusions:

We issued an unqualified opinion on the association's financial statements for fiscal year 1994.

We found one area where the internal control structure needed improvement:

  • PERA does not have an adequate separation of duties over the annuity payment process.

We found no departures from finance-related legal provisions.

 

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155