The Minnesota State Retirement System provides retirement coverage for most state employees, the University of Minnesota, and selected public-service organizations. The Minnesota State Retirement System administers six defined benefit retirement plans (state employees, state patrol, correctional employees, judges, legislators, and elected state officials) and two defined contribution plans (unclassified employees and health care savings). In addition, the system contracts for the administration of a deferred compensation plan available to state employees and other public employees throughout the state.
At June 30, 2002, the Minnesota State Retirement System's total net assets were $7.4 billion. In fiscal year 2002, the plans provided retirement coverage for over 54,000 active members, 23,000 retired members, and 13,000 deferred members (members who no longer contribute but are eligible for future monthly benefits). The Minnesota State Retirement System provides retirement counseling, benefit-package seminars, newsletters and pamphlets, and an interactive web site (www.msrs.state.mn.us). The Minnesota State Retirement System designed the web site to allow members to check their own account balances and service credits and to calculate buy-back amounts and annuities.
Our work at the Minnesota State Retirement System focused on auditing their financial statements. We reviewed the agency's internal controls and compliance with legal provisions in relation to that objective.