A Performance Audit
A Report on the Audit of the Teacher Retirement System’s Fiscal Year 2022 Employer Pension and Other Post Employment Benefit Liability Schedules
June 2023
Overview
Independent Auditor's Reports
We have issued two audit reports dated June 2, 2023, related to the Teacher Retirement System’s (System) pension and other post employment benefit (OPEB) liability schedules for fiscal year 2022.
Pension Liability Schedules
We concluded the System’s Schedule of Employer’s Proportionate Shares (Allocations) and the total for all entities of the columns titled net pension liability end of year, total deferred outflows of resources, total deferred inflows of resources, and total pension expense (specified column totals) included in the Schedule of Pension Amounts by Employer and the related notes as of August 31, 2022, 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 the System’s Schedule of Employer’s Proportionate Shares (Allocations) of the Collective Net Other Post Employment Benefit (OPEB) Liability and the total for all entities of the columns titled net OPEB liability end of year, total deferred outflows of resources, total deferred inflows of resources, and total OPEB expense (specified column totals) included in the Schedule of OPEB Amounts by Employer and the related notes as of August 31, 2022, were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.
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Report on Internal Control
We also issued a report on internal control over financial reporting of the schedule amounts and on compliance and other matters as required by auditing standards. Our procedures did not identify any material weaknesses in internal control over the reporting of the schedule amounts or any noncompliance with laws or 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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The System posted the Pension Liability Schedules and the OPEB Liability Schedules and our audit reports on its website at https://www.trs.texas.gov/.