|Financial Audit Division Report 05-01||Released January 21, 2005|
Audit Period: Fiscal Year Ended June 30, 2004Programs Audited:
The Teachers Retirement Association of Minnesota (TRA) serves as the administrator of a multi-employer, cost sharing defined benefit fund. TRA 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, and Duluth and the University of Minnesota. In fiscal year 2004, TRA provided retirement coverage for 72,008 active members, 37,649 retired members, and 10,767 deferred members (members who no longer contribute but are eligible for future annual benefits).
At June 30, 2004, the Teachers Retirement Association of Minnesota’s total net assets held in trust for pension benefits was approximately $15.1 billion. For the year ended June 30, 2004, TRA received contributions of about $313.5 million and paid benefits and refunds of about $1.015 billion.