At the end of each fiscal year, SPTRFA compiles an Annual Report. Each Annual Report includes the entire auditor’s report for the fiscal year, selections from the actuaries’ report for the fiscal year, and a report on the SPTRFA investments for the fiscal year.

Annual Reports are posted on this website as PDF files, please use Acrobat Reader to print or view PDF documents, a free download of the program is available at the Adobe website.

2023 Annual Report

SPTRFA is pleased to present the Annual Report of the St. Paul Teachers Retirement Fund Association for the fiscal year ended June 30, 2023.

In order to keep the Portable Document Format (PDF) files at a manageable size, the report has been divided into the following sections:





Complete 2023 Report

2023 SPTRFA State Auditor Report can be found on the Minnesota Office of the State Auditor website.

2023 SPTRFA Actuarial Valuation and GASB 67/68 Reports are available on the Legislative Commission on Pensions and Retirement’s website,

Prior Annual Reports 

Audit Report 
The Office of the State Auditor publishes its audit of the St. Paul Teacher’ Retirement Fund Association. Once finalized these reports are available on the State Auditor’s website at

Minnesota Teacher Fund Consolidation Study 2013
Read the study online: Full Report- Minnesota Teachers Consolidation Study

This report fulfills a mandate of legislation enacted in 2013 (Chapter 111, Article 13, Section 22) that required the boards and executive directors of the Duluth Teachers Retirement Fund Association (DTRFA), the St. Paul Teachers Retirement Fund Association (SPTRFA) and the Teachers Retirement Association (TRA) to jointly study and develop a report for the Legislative Commission on Pensions and Retirement (LCPR) on the feasibility and requirements necessary for consolidation of DTRFA and SPTRFA into TRA. This report includes detailed actuarial analysis, proposed cost allocations, implementation plans, asset investment management considerations, and education/communication plans.