Education
An Audit Report on the Financial Statements of the Teacher Retirement System of Texas for the Fiscal Year Ended August 31, 2000
January 2001
Report Number 01-014
Overall Conclusion
We have completed the fiscal year 2000 audit of the Teacher Retirement System's (System) financial statements and conclude that they are accurately stated in accordance with generally accepted accounting principles. In addition, for the third consecutive year we report no instances of significant noncompliance or weaknesses in internal control.
Key Facts and Findings
· The net assets of the pension trust fund increased by $10 billion to a total of $90 billion.
· The System's pension plan remains actuarially fully funded for the third consecutive year. Actuarial assets exceed actuarial liabilities by $5.4 billion.
· System management estimates that the retiree insurance plan has sufficient funding to continue operating only through fiscal year 2001. Continuation of the retiree insurance plan beyond fiscal year 2001 will require legislative action to address long-term funding needs.
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