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A Report on the Audit of the Teacher Retirement System’s Fiscal Year 2023 Employer Pension and Other Post Employment Benefit Liability Schedules

June 2024

Overview

Independent Auditor's Report

We have issued two audit reports dated June 3, 2024, related to the Teacher Retirement System’s (System) pension and other post employment benefit (OPEB) liability schedules for fiscal year 2023.

Pension Liability Schedules

We concluded that 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, 2023, were materially correct and presented in accordance with accounting principles generally accepted in the United States of America (see text box on the next page for pension liability reporting requirements).

OPEB Liability Schedules

We concluded that the System’s Schedule of Employer’s Proportionate Shares (Allocations) 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, 2023, were materially correct and presented in accordance with accounting principles generally accepted in the United States of America (see text box on the next page for OPEB liability reporting requirements).

The System plans to publish our audit reports as part of its Pension Liability Schedules and OPEB Liability Schedules, which it intends to post on its website at https://www.trs.texas.gov/.

Report on Internal Control over Financial Reporting and on Compliance and Other Matters

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.