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An Audit of the Teacher Retirement System’s Fiscal Year 2019 Employer Pension and Other Post-Employment Benefit Liability Allocation Schedules

June 2020

Summary Analysis

Pension Liability Schedules

We concluded that the System’s Schedule of Employer’s Proportionate Shares (Allocations) and the total for all of the columns titled net pension liability end of year, total deferred outflow of resources, total deferred inflow of resources, and total pension expense included in the Schedule of Pension Amounts by Employer and the related notes as of August 31, 2019, were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.

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OPEB Liability Schedules

We concluded that the System’s Schedule of Employer’s Proportionate Shares (Allocations) of the Collective Net Other Post-Employment Benefits (OPEB) Liability and the total for all entities of the columns titled net OPEB liability end of year, total deferred outflow of resources, total deferred inflow of resources, and total OPEB expense included in the Schedule of OPEB Amounts by Employer and the related notes as of August 31, 2019, were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.

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We also issued a report on internal control over financial reporting of the schedules and on compliance and other matters as required by auditing standards. Our procedures did not identify any material weaknesses in internal control over reporting of the schedule amounts or any noncompliance with laws and regulations that materially affected the schedules. In addition, the major internal controls that we tested for the purpose of forming our opinions on the schedules were operating effectively.

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