Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Minnesota State Retirement System

Financial Audit
Fiscal Year Ended June 30, 1997

 

Public Release Date: February 20, 1998 No. 98-06

Agency Background

The Minnesota State Retirement System (MSRS) administers retirement programs for state employees, correctional employees, unclassified employees, state troopers, legislators, elective state officers, and judges. The system provides income for covered employees or their beneficiaries upon retirement, disability, or death. MSRS also administers a deferred compensation plan available to all Minnesota public employees and officials. MSRS assets at June 30, 1997, totaled $8,727,245,000 for all of its retirement plans.

Audit Scope and Conclusions

The primary objective of our audit was to render an opinion on the Minnesota State Retirement System's financial statements. These statements are included both in MSRS's and in the state of Minnesota's Comprehensive Annual Financial Reports for fiscal year 1997. This objective included whether the financial statements presented fairly its financial position, results of operations, and changes in cash flows in conformity with generally accepted accounting principles.

As part of our work, we were required to gain an understanding of the internal control structure and ascertain whether MSRS complied with laws and regulations that may have a material effect on its financial statements. During our audit, we gained an understanding of the cash and investments, contributions, annuities, General Fund appropriations, deferred compensation plan, investment income, and financial statement preparation control cycles.

The MSRS Comprehensive Annual Financial Report for the year ended June 30, 1997, includes our unqualified audit opinion thereon, dated December 31, 1997. The MSRS financial statements are also a part of the state of Minnesota's Comprehensive Annual Financial Report for the year ended June 30, 1997, which includes our audit opinion dated December 8, 1997.

 

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