REPORT DIGEST
GENERAL ASSEMBLY RETIREMENT SYSTEM
COMPLIANCE AUDIT For the Year Ended: June 30, 2003
Summary of Findings:
Total this audit 0 Total last audit 0 Repeated from last audit 0
Release Date: March 11, 2004
State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
To obtain a copy of the Report contact: Office of the Auditor General Iles Park Plaza 740 E. Ash Street Springfield, IL 62703 (217) 782-6046 or TDD (217) 524-4646
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INTRODUCTION This digest covers our compliance audit of the General Assembly Retirement System (System) for the year ended June 30, 2003. A financial audit covering the year ending June 30, 2003 was issued separately. It should be noted that, pursuant to the Illinois Pension Code, investments of the System are managed by the Illinois State Board of Investment. There were no material findings of noncompliance disclosed during our audit tests. We commend the System for maintaining effective internal controls. SUBSEQUENT EVENT On April 7, 2003, Governor Rod Blagojevich signed House Bill 2660 into law as Public Act 93-0002. This new law authorized the State of Illinois to issue $10 billion of General Obligation Bonds for the purpose of making contributions to designated retirement systems, which included the General Assembly Retirement System. On July 1, 2003, the System received an allocation of $27,073,983 from the pension bond proceeds. The System deposited the allocation into its master trust account with the Illinois State Board of Investments on July 2, 2003.
_____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS McGladrey & Pullen, LLP were our special assistant auditors for this audit. {Financial Information and Activity Measures are summarized on the reverse page.} |
GENERAL ASSEMBLY RETIREMENT SYSTEM OF ILLINOIS
INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS
TWO YEARS ENDED JUNE 30, 2003
OPERATING STATEMENT ANALYSIS |
FY 2003 |
FY 2002 |
REVENUES : Contributions – ParticipantsContributions – appropriations & other #9; Total Contributions Net investment income Net (depreciation) in fair value of investments Interest earned on cash balances Total Revenue EXPENSES: Benefits - Retirement annuities Benefits - Survivors' annuities Total Benefits Refunds Administration Total Expenses Deficiency of revenues over expenses |
$ 1,954,169 5,433,781 $ 7,387,950 1,071,966 (1,340,215) 35,155 $ 7,154,856 $ 9,159,794 1,971,683 $11,131,477 106,713 290,931 $11,529,121 $(4,374,265) |
$ 1,552,295 4,721,478 $ 6,273,773 1,346,042 (5,304,627) 43,745 $ 2,358,933 $ 8,111,247 1,841,986 $ 9,953,233 68,205 284,775 $ 10,306,213 $(7,947,280) |
ANALYSIS OF PLAN INVESTMENTS |
FY 2003 |
FY 2002 |
Balance at beginning of year, at fair value Net cash (withdrawn) from investments Net investments (1) Investment income – interest, dividends and other Investment expenses Net Investment income (2) Net realized gain (loss) on sale of investments Net unrealized (loss) on investments Net (depreciation) in fair value of investments (3) Total net investment (loss) (4), (2) + (3)Balance at end of year, at fair value (1) + (4) |
$52,154,420 (4,500,000) $47,654,420 1,176,330 (104,364) $ 1,071,966 2,581,426 (3,921,641) $(1,340,215) $ (268,249) $ 47,386,171 |
$ 60,463,005 (4,350,000) $ 56,113,005 1,472,358 (126,316) $ 1,346,042 (3,865,748) (1,438,879) $(5,304,627) $(3,958,585) $ 52,154,420 |
SELECTED ACCOUNT BALANCES |
JUNE 30, 2003 |
JUNE 30, 2002 |
Cash Receivables Investments, at fair value Property and equipment, net of accumulated depreciation Liabilities Net Assets Held in Trust for Benefits Actuarial Accrued Liability Unfunded Liability |
$ 1,614,768 791,696 47,386,171 1,546 (117,879) $ 49,676,302 $(196,510,067) $(146,833,765) |
$ 1,297,601 701,568 52,154,420 2,081 (105,103) $ 54,050,567 $(184,582,544) $(130,531,977) |
SUPPLEMENTARY INFORMATION (unaudited) |
FY 2003 |
FY 2002 |
Retirees and beneficiaries currently receiving benefits Total members Total active members Total return on investments |
383 295 182 .3% |
353 286 181 (6.9)% |
EXECUTIVE SECRETARY |
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During Audit Period: Michael L. Mory until December 31, 2002; Robert V. Knox effective January 1, 2003 Currently: Robert V. Knox |