Case Study: Minnesota State Retirement System saves 3 weeks on ACFR reporting with Workiva

Minnesota State Retirement System shaves 3 weeks off ACFR process with Workiva

The Minnesota State Retirement System (MSRS) faced a chaotic and time-pressured process for producing its annual comprehensive financial report (ACFR), relying on an outside publisher which removed their control and created versioning difficulties. They sought a cost-neutral solution to streamline reporting and chose the Workiva cloud platform for its user-friendly interface and automation capabilities.

By implementing Workiva, MSRS gained full control over documents through features like data linking and automated blacklines for review. This solution saved an estimated 300 hours of staff time and shaved three weeks off the ACFR process, freeing the accounting manager to focus on her team and allowing for flexible remote collaboration. The switch to Workiva transformed their reporting season from an all-hands-on-deck stressor into a manageable and efficient operation.