SUMMARY

We provided an unmodified opinion on the financial statements and related notes of the Wisconsin Retirement System (WRS) for calendar year 2014. The fiduciary net position of the WRS increased from $89.9 billion as of December 31, 2013, to $92.2 billion as of December 31, 2014, or by 2.5 percent. We include information in our report regarding the application of the new pension accounting standards to the WRS, including the calculation of a $2.5 billion net pension asset for the WRS as of December 31, 2014. In addition, we include a recommendation for the Department of Employee Trust Funds to improve its financial reporting process.