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Oppebi-Report-2019.Pdf California State Teachers’ Retirement System (A Component Unit of the State of California) State Teachers’ Retirement Plan and Medicare Premium Payment Program Independent Auditor’s Reports and Other Pension and Postemployment Benefits Information For the Fiscal Year Ended June 30, 2019 Table of Contents Other Pension Information – State Teachers’ Retirement Plan Independent Auditor’s Report ....................................................................................................... 1 Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity (Schedule A) ...................................................................3 Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity (Schedule B) .................................................................42 Notes to Other Pension Information ..............................................................................................................43 Other Postemployment Benefits Information – Medicare Premium Payment Program Independent Auditor’s Report ..................................................................................................... 51 Schedule of Proportionate Share of Contributions for Employers of the State Teachers’ Retirement Plan (Schedule C) .............................................................53 Schedule of Aggregate Other Postemployment Benefits Amounts for Employers (Schedule D) ..................................................................................................................................92 Notes to Other Postemployment Benefits Information ...............................................................................93 OTHER PENSION INFORMATION STATE TEACHERS’ RETIREMENT PLAN Crowe LLP Independent Member Crowe Global INDEPENDENT AUDITOR'S REPORT Teachers’ Retirement Board of the California State Teachers’ Retirement System West Sacramento, California Report on Schedules We have audited the accompanying Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity of State Teachers’ Retirement Plan, a plan administered by the California State Teachers’ Retirement System (“CalSTRS”), for the year ended June 30, 2019, and the related notes. We have also audited the captions titled total net pension liability, as of June 30, 2019; total deferred outflows of resources; and total deferred inflows of resources (specified caption totals) included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity as of June 30, 2019, and the related notes. Management’s Responsibility for the Schedules Management is responsible for the preparation and fair presentation of these schedules in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedules that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on the Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the Schedule of Proportionate Share of Contributions for Employers 1 and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the schedules referred to above present fairly, in all material respects, the proportionate share of contributions for employers and nonemployer contributing entity for the year ended June 30, 2019 and total net pension liability, as of June 30, 2019; total deferred outflows of resources; and total deferred inflows of resources for the State Teachers’ Retirement Plan as of June 30, 2019, in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter Net Pension Liability of Employers and Nonemployer Contributing Entity As described in Note 3, based on the most recent actuarial valuation as of June 30, 2018, CalSTRS independent actuaries determined that, at June 30, 2019, the value of the State Teachers’ Retirement Plan (“STRP”) total pension liability exceeded the STRP fiduciary net position by $90.3 billion. The actuarial valuation is sensitive to the underlying actuarial assumptions, including investment rate of return of 7.1%, consumer price inflation of 2.75%, wage growth of 3.5% and custom mortality tables based on CalSTRS most recent Experience Analysis. Our opinion is not modified with respect to this matter. Other Matter We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of California State Teachers’ Retirement System, which includes the State Teachers’ Retirement Plan, as of and for the year ended June 30, 2019, and our report thereon, dated October 14, 2019, expressed an unmodified opinion on those financial statements. Restriction on Use Our report is intended solely for the information and use of the California State Teachers’ Retirement System, the California State Teachers’ Retirement System’s management, the governing body of the California State Teachers’ Retirement System, and the State Teachers’ Retirement Plan employers and nonemployer contributing entity and their auditors and is not intended to be and should not be used by anyone other than these specified parties. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 14, 2019 on our consideration of State Teachers’ Retirement Plan’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and other matters related to Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts for Employers and Nonemployer Contributing Entity. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering State Teachers’ Retirement Plan’s internal control over financial reporting and compliance related to the Schedule of Proportionate Share of Contributions for Employers and Nonemployer Contributing Entity and the specified caption totals included in the accompanying Schedule of Aggregate Pension Amounts
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