TRS calculated and paid executive incentive compensation for its plan year ending June 30, 2017, in accordance with its executive performance incentive pay plan (executive plan).
However, TRS did not have detailed policies and procedures that document its calculation and review processes for the executive plan, which increases the risk of inaccurate incentive award payouts.
That finding was originally reported in the State Auditor’s Office’s 2016 incentive compensation audit report. TRS had not addressed that prior year finding for plan year 2017 because its
executive plan year ended before the release of that report. The TRS executive director was the only executive plan participant for the 2016-2017 performance period covering July 1, 2016,
to June 30, 2017. TRS awarded $16,372 in incentive compensation to its executive director.
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