Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Teachers Retirement Association of Minnesota

 

Financial Audit Division Report 05-01 Released January 21, 2005

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, 2004.
  • We issued our Report on Internal Control Over Financial Reporting and on Compliance and Other Matters 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. However, the report discusses a noncompliance issue that was resolved by a 2004 legislative change.

Audit Scope:

Audit Period: Fiscal Year Ended June 30, 2004

Programs Audited:
  • Employer/Employee Contributions
  • Annuity Benefits
  • Refunds
  

Agency Background:

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, and Duluth and the University of Minnesota. In fiscal year 2004, TRA provided retirement coverage for 72,008 active members, 37,649 retired members, and 10,767 deferred members (members who no longer contribute but are eligible for future annual benefits).

At June 30, 2004, the Teachers Retirement Association of Minnesota’s total net assets held in trust for pension benefits was approximately $15.1 billion. For the year ended June 30, 2004, TRA received contributions of about $313.5 million and paid benefits and refunds of about $1.015 billion.

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