Connecticut Treasurer Denise Nappier called on the state Teachers' Retirement Board to resolve problems highlighted in a recent audit of its financial operations.
The Auditors of Public Accountants on Sept. 11 said the board's disbursement account, which is funded directly from the Treasury's concentration account, has been overdrawn relative to the expenditure authority the state comptroller's office granted.
The audit, which covered fiscal 2011 through 2013, cited deficiencies that included "a severe lack of management oversight and failure to establish basic internal control procedures" in health fund accounting and reporting, among other problems.
"I look forward to the swift resolution of the questions raised by the audit," Nappier, an ex-officio board member,
The board, with about $14 billion in assets, is a state agency that oversees benefits for 32,000 retired Connecticut teachers and their beneficiaries.
