Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Public Employees Retirement Association of Minnesota

 

Financial Audit Division Report 08-04 Released  February 22, 2008

Audit Conclusions

  • We issued an unqualified opinion on the financial statements of the Public Employees Retirement Association of Minnesota (PERA) as of and for the year ended June 30, 2007.
  • We did not identify any significant deficiencies involving PERA’s internal control over financial reporting or noncompliance with significant legal provisions that are required to be reported under Government Auditing Standards.   
   Background Information

PERA administers four separate retirement funds:

  • The Public Employees Retirement Fund covers employees of counties, cities, and townships and employees of schools in noncertified positions. 
  • The Public Employees Police and Fire Fund covers police officers and fire fighters.
  • The Public Employees Correctional Fund covers employees in county correctional institutions who have direct contact with inmates.
  • The Public Employees Defined Contribution Plan covers elected local government officials (except elected county sheriffs), emergency medical service personnel employed by or providing service to any of the participating ambulance services, and physicians employed at public facilities.

PERA serves approximately 2,000 units of government and had 390,085 members in its four funds as of June 30, 2007.  Its net assets totaled $19.5 billion at June 30, 2007.  For the year ended June 30, 2007, PERA received contributions of about $693 million and paid benefits and refunds of about $1.1 billion.

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