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Report Summary


Report on Compliance and Internal Control Over Financial Reporting

Teachers Retirement Association of Minnesota

Fiscal Year Ended June 30, 2003


Audit Conclusions

  • We issued an unqualified opinion on the financial statements of the Teachers Retirement Association of Minnesota as of and for the year ended June 30, 2003.
  • We issued a Report on Compliance and Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards of the United States. We did not report any material weaknesses involving the internal control over financial reporting and its operation or noncompliance that would be required to be reported under Government Auditing Standards.

Background Information

The Teachers Retirement Association of Minnesota (TRA) serves as the administrator of a multi-employer, cost sharing defined benefit fund. TRA administers a Basic Plan (without social security coverage) and a Coordinated Plan (with social security coverage) in accordance with Minnesota Statutes Chapters 354 and 356. Its members include teachers employed in Minnesota’s public elementary and secondary schools, charter schools, the Minnesota State Colleges and Universities (MnSCU) system, and all other state educational institutions, with the exception of teachers employed by the cities of Minneapolis, St. Paul, Duluth, and the University of Minnesota. In fiscal year 2003, TRA provided retirement coverage for 71,916 active members, 36,199 retired members, and 9,304 deferred members (members who no longer contribute but are eligible for future annual benefits).

At June 30, 2003, the Teachers Retirement Association of Minnesota’s total net assets held in trust for pension benefits was approximately $13.6 billion. For the year ended June 30, 2003, TRA received contributions of about $307 million and paid benefits and refunds of about $985 million.

The Teachers Retirement Association of Minnesota provides retirement counseling, benefit-package seminars, newsletters and pamphlets, and an interactive website (www.minnesotatra.org). The website offers members the ability to self-calculate future retirement benefits and is also updated regularly with the latest news of TRA events and other benefit provision changes.

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