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Wisconsin Retirement System

Report 16-10 | December 2016

We provided an unmodified opinion on the financial statements and related notes of the Wisconsin Retirement System (WRS) for calendar year 2015. The fiduciary net position of the WRS decreased from $92.1 billion as of December 31, 2014, to $88.5 billion as of December 31, 2015, or by 4.0 percent, primarily as a result of a decrease in investment income. Our independent auditor’s report on the financial statements is included in the report on the financial statements that the Department of Employee Trust Funds (ETF) issued separately. In addition, we again report a significant deficiency in financial reporting and include a recommendation for ETF to improve its processes.

Briefing Sheet
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Wisconsin Retirement System Reporting for Participating Employers

Report 16-11 | December 2016

We provided unmodified opinions on the Schedule of Employer Allocations for the Wisconsin Retirement System (WRS) and the specified total amounts on the Schedule of Pension Amounts by Employer for the WRS, and the related notes, for calendar year 2015. Our independent auditor’s report on the schedules is included in the report on the schedules that the Department of Employee Trust Funds (ETF) issued separately. ETF prepared the schedules to assist participating WRS employers in reporting their proportionate share of the $1.6 billion net pension liability, as well as other amounts, in their own financial statements.

Briefing Sheet
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Letter to the Joint Legislative Audit Committee

Report 16-10 and report 16-11 were completed later than originally anticipated due to delays in ETF’s financial statement preparation, which was affected by the State’s implementation of a new enterprise resource planning system. In addition, a significant deficiency in the Department of Administration’s centralized cash reconciliations caused additional delays, as described in report 16-10.