Office of the Legislative Auditor - Financial Audit Division

Report Summary

Minnesota State Retirement System

Fiscal Year Ended June 30, 2003

Audit Conclusions

• We issued an unqualified opinion on the financial statements of the Minnesota State Retirement System as of and for the year ended June 30, 2003.
• 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. 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.

The Minnesota State Retirement System administers six defined benefit retirement plans (State Employees, State Patrol, Correctional Employees, Judges, Legislators, and Elected State Officials) and two defined contribution plans (Unclassified Employees and Health Care Savings). The plans cover most state employees, the University of Minnesota, and selected public service organizations. In addition, the system contracts for the administration of a deferred compensation plan available to state employees and other public employees throughout the state.

At June 30, 2003, the Minnesota State Retirement System’s total net assets were $7.4 billion. In fiscal year 2003, the plans provided retirement services to over 54,000 active members, 23,000 retired members, and 13,000 deferred members (members who no longer contribute but are eligible for future monthly benefits). The Minnesota State Retirement System provides retirement counseling, benefit-package seminars, newsletters and pamphlets, and an interactive web site (www.msrs.state.mn.us). The Minnesota State Retirement System designed the web site to allow members to check their own account balances and service credits and to calculate buy-back amounts and annuities.