Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Minnesota State Retirement System

 

Financial Audit Division Report 06-24 Released August 10, 2006

Audit Conclusions:
  • We issued an unqualified opinion on the financial statements of the Minnesota State Retirement System as of and for the year ended June 30, 2005.

  • We identified the following finding in 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.

Finding:

  • The Minnesota State Retirement System’s final draft financial statements required significant adjustments. 

 

   Background Information:

The Minnesota State Retirement System administers six defined benefit retirement plans and three defined contribution plans:

  • State Employees
  • State Patrol
  • Correctional Employees
  • Judges
  • Legislators
  • Elected State Officials
  • Unclassified Employees
  • Health Care Savings
  • Deferred Compensation

The plans cover most state government and University of Minnesota employees and selected public-service organizations.  The deferred compensation plan is available to state employees and other public employees throughout the state.

At June 30, 2005, the Minnesota State Retirement System’s total net assets (including the deferred compensation plan) were $11.8 billion.  For the year ended June 30, 2005, MSRS received contributions of about $459 million and paid benefits and refunds of about $598 million.

More Information

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