Fiscal 2020 Independent Financial Statement Audit Results in Clean Opinion
At the December meeting of the State Teachers Retirement Board, CliftonLarsonAllen reported the results of its audit of the STRS Ohio financial statements for the fiscal year ending June 30, 2020. The report showed the retirement system’s financial statements were fairly stated in accordance with generally accepted accounting principles and the firm found no instances of noncompliance nor any material weaknesses in internal controls. As a result, STRS Ohio received an unmodified or “clean” opinion — affirming the financial information prepared by STRS Ohio. CliftonLarsonAllen performed this independent financial audit under the oversight of the Ohio Auditor of State.
STRS Ohio’s financial statements are included in the 2020 Comprehensive Annual Financial Report, which will be posted on the system’s website by Dec. 30, 2020. In addition to the financial statements, the report includes investment, actuarial and statistical information about STRS Ohio. This report can also be requested by calling STRS Ohio’s Member Services Center toll-free at 888‑227‑7877.
In addition to this financial statement audit, STRS Ohio is subject to audits and other reviews and oversight by a host of entities, including: the State Teachers Retirement Board, an internal audit department, numerous external experts, the Ohio Legislature and Ohio’s statewide elected officials. You can read more about some of this oversight on the STRS Ohio website.
Board Discusses Performance Benchmarks With Investment Consultants, Staff
The Retirement Board’s investment consultants and STRS Ohio staff reviewed with the board the current investment performance benchmarks. The discussion centered on the performance benchmarks at the asset class level and total fund. Representatives from Callan, one of STRS Ohio’s investment consultants, led the discussion and recommended that STRS Ohio retain its current benchmark for four of the five primary asset classes (domestic equities, international, fixed income and real estate), and suggested other options for the fifth primary assets class, alternative investments. The board will further discuss benchmarks in the coming months.
The Retirement Board approved 110 active members and 57 inactive members for service retirement benefits.
The State Teachers Retirement Board and staff wish all of you a safe and happy holiday season!