REPORT DIGEST JUDGES RETIREMENT SYSTEM OF ILLINOIS COMPLIANCE AUDIT For the Year Ended: Summary of Findings: Total this audit 0 Release Date: State of Illinois WILLIAM G. HOLLAND Iles Park Plaza (217)782-6046 To obtain a copy of the Report contact: (217)782-6046 or TDD (217) 524-4646 This Report Digest is also available on |
INTRODUCTION This digest covers our compliance audit of the System for the year ended June 30, 1999. A financial audit covering the year ending June 30, 1999 is being 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 fiscal controls.
_____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS Thomas Havey LLP were our special assistant auditors for this audit.
{Financial Information and Activity Measures are summarized on the reverse page.} |
JUDGES' RETIREMENT SYSTEM OF ILLINOIS
INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS
TWO YEARS ENDED JUNE 30, 1999
FINANCIAL OPERATIONS | FY 1999 |
FY 1998 |
REVENUES Contributions: Participants State General Revenue Fund State Pension Fund Other Net investment income Net appreciation in fair value of investments Interest earned on cash balances Total Revenue EXPENSES Benefits: Retirement annuities Survivors' annuities Refunds Administration Total Expenses |
$ 11,270,131 16,473,100 2,215,716 0 9,979,034 34,244,046 390,244 $ 74,572,271
$ 31,553,425 9,298,173 296,143 355,543 $ 41,503,284 |
$ 10,832,669 14,601,800 1,062,200 28,152 11,372,141 43,417,205 352,292 $ 81,666,459
$ 30,130,617 8,502,107 568,419 333,609 $ 39,534,752 |
SELECTED ACCOUNT BALANCES | JUNE 30, 1999 |
JUNE 30, 1998 |
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 |
$7,279,856 $291,173 $382,235,852 $8,784 $53,742 $389,761,923 $805,587,241 $415,825,318 |
$6,867,811 $327,432 $349,612,772 $10,281 $125,360 $356,692,936 $747,275,530 $390,582,594 |
SUPPLEMENTARY INFORMATION | FY 1999 |
FY 1998 |
Number of System employees (shared with
General Assembly Retirement System) Number of retirees and beneficiaries currently receiving benefits Inactive members not yet receiving benefits Current Members: Vested Nonvested Total Return on Investments |
8 772 56 615 280 12.9% |
8 757 52 593 305 18.1% |
EXECUTIVE SECRETARY |
During Audit Period: Michael L. Mory Currently: Michael L. Mory |