|Financial Audit Division Report 07-12||Released May 24, 2007|
On December 22, 2006, we issued an unqualified opinion on the financial statements of the Minnesota State Retirement System (MSRS) as of and for the year ended June 30, 2006.
This is a related report on internal controls over financial reporting and compliance with certain legal requirements. It contains one finding concerning supplementary information in MSRS’s 2006 financial report that was not presented in compliance with generally accepted accounting principles.
MSRS administers six defined benefit retirement plans and four defined contribution plans:
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, 2006, MSRS’s total net assets were approximately $13.2 billion. For the year ended June 30, 2006, MSRS received contributions of about $493 million and paid benefits and refunds of about $650 million.