|Financial Audit Division Report 08-06||Released February 22, 2008|
TRA is the administrator of a multi-employer, cost sharing, defined benefit fund. Its members include teachers employed in Minnesota’s public elementary and secondary schools, charter schools, the Minnesota State Colleges and Universities system, and all other state educational institutions, with the exception of teachers employed by the cities of Saint Paul and Duluth and the University of Minnesota.
TRA provided retirement coverage for 77,694 active members, 46,538 retired members, and 12,636 members who no longer contribute but are eligible for future annual benefits.
At June 30, 2007, TRA’s total net assets held in trust for pension benefits were approximately $19.9 billion. For the year ended June 30, 2007, TRA received contributions and direct aid of about $409 million and paid benefits and refunds of about $1.3 billion.