SUMMARY

We provided an unmodified opinion on the Fund’s financial statements for FY 2015-16 and FY 2014-15. The Fund’s net position was $1.2 billion as of June 30, 2016, which was an increase of $905.0 million since June 30, 2014. The net position of the Fund increased beginning in FY 2011-12 because employer taxes and other revenues began to exceed benefit payments and transfers. Due to its improved net position, the Fund has not borrowed from the federal government since July 2014.