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3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary

Management Letter

Teachers Retirement Association

Fiscal Year Ended June 30, 2001

Audit Conclusions

  • We issued an unqualified opinion on the financial statements of the Teachers Retirement Association as of and for the year ended June 30, 2001.
  • We issued a Report on Compliance and Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards of the United States. We did not report any material weaknesses involving the internal control over financial reporting and its operation or noncompliance that would be required to be reported under Government Auditing Standards.
  • We reviewed the payroll and professional/technical services expenditures of the Teachers Retirement Association for the fiscal year ended June 30, 2001. We found that for the expenditure items tested, the Teachers Retirement Association paid employees and processed professional/technical services expenditures in compliance with significant finance-related legal provisions and accurately recorded those expenditures in the accounting records.
Background Information

The Teachers Retirement Association serves as the administrator of a multi-employer, cost sharing defined benefit fund. The Teachers Retirement Association administers a Basic Plan (without social security coverage) and a Coordinated Plan (with social security coverage) in accordance with Minnesota Statutes Chapters 354 and 356. Its members include teachers employed in Minnesota's public elementary and secondary schools, charter schools, the Minnesota State Colleges and Universities (MnSCU) system, and all other state educational institutions, with the exception of teachers employed by the cities of Minneapolis, St. Paul, Duluth, and the University of Minnesota.

At June 30, 2001, the Teachers Retirement Association’s total net assets held in trust for pension benefits was approximately $15.9 billion. In fiscal year 2001, the fund provided retirement coverage for over 71,000 active members, 33,700 retired members, and almost 8,000 deferred members (members who no longer contribute but are eligible for future annual benefits). The Teachers Retirement Association provides retirement counseling, benefit-package seminars, newsletters and pamphlets, and an interactive website ( The website offers members the ability to self-calculate future retirement benefits and is also updated regularly with the latest news of TRA events and other benefit provision changes.

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