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A Report on the Audit of the Teacher Retirement System's Fiscal Year 2008 Financial Statements

December 2008

Report Number 09-015

Overall Conclusion

In our audit report dated November 13, 2008, we concluded that the Teacher Retirement System's (System) basic financial statements for fiscal year 2008 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.

We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. Our procedures did not identify any material weaknesses in internal control over financial reporting or any noncompliance with laws or regulations that materially affected the financial statements. However, our procedures were not intended to provide an opinion on internal control over financial reporting or to provide an opinion on compliance with laws and regulations.

The major internal controls that we tested for the purpose of forming our opinion on the financial statements were operating effectively. However, we reported some less significant issues involving compliance with state law and information technology controls to System management in a separate letter dated December 9, 2008.

As required by professional auditing standards, we will also communicate to the System's Board of Trustees certain matters related to the conduct of a financial statement audit.

Conducting our audit of the System's financial statements enabled us to obtain information on the actuarial funded status of the pension plan and retiree health care plan. That information is summarized in this report.

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