Office of the Legislative Auditor - Financial Audit Division

• We issued an unqualified opinion on the financial statements of the Minnesota State Retirement System (MSRS) as of and for the year ended June 30, 2007.
• We did not identify any significant deficiencies involving MSRS’s internal control over financial reporting or noncompliance with significant legal provisions that are required to be reported under Government Auditing Standards.

MSRS administers six defined benefit retirement plans and four defined contribution plans:

• State Employees
• State Patrol
• Correctional Employees
• Judges
• Legislators
• Elected State Officials
• Unclassified Employees
• Health Care Savings
• Deferred Compensation
• Hennepin County Supplemental

The plans cover most state government and University of Minnesota employees and selected public-service organizations.  The deferred compensation plan is available to state employees and other public employees throughout the state.

At June 30, 2007, MSRS’s total net assets were approximately $15.2 billion.  For the year ended June 30, 2007, MSRS received contributions of about $515 million and paid benefits and refunds of about $726 million.