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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Public Employees Retirement Association

Financial Audit

For the Year Ended June 30, 1994


Public Release Date: February 24, 1995 No. 95-06


Examine the association's financial statements.

Review internal control structure: Employee and employer contributions, annuity payments, Police and Fire Fund consolidations.

Test compliance with certain finance-related legal provisions.


We issued an unqualified opinion on the association's financial statements for fiscal year 1994.

We found one area where the internal control structure needed improvement:

  • PERA does not have an adequate separation of duties over the annuity payment process.

We found no departures from finance-related legal provisions.


Office of the Legislative Auditor, Room 140, 658 Cedar St., St. Paul, MN 55155 : or 651‑296‑4708