REPORT DIGEST

STATE EMPLOYEES’ RETIREMENT SYSTEM OF ILLINOIS

COMPLIANCE AUDIT

For the Year Ended:
June 30, 2001

Summary of Findings:

Total this audit 0
Total prior audit 1
Repeated from last audit 0

Release Date:
February 28, 2002

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State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046

To obtain a copy of the Report contact:
Office of the Auditor General
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217)782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

 

 

INTRODUCTION

This digest covers our compliance audit of the System for the year ended June 30, 2001. A financial audit covering the year ending June 30, 2001 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

 

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SPECIAL ASSISTANT AUDITORS

Thomas Havey LLP were our special assistant auditors for this audit.

 

{Financial Information and Activity Measurers summarized on the reverse page.}

STATE EMPLOYEES' RETIREMENT SYSTEM OF ILLINOIS
INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS
TWO YEARS ENDED JUNE 30, 2001

OPERATING STATEMENT ANALYSIS

FY 2001

FY 2000

REVENUES: Contributions - Participants

Contributions - State agencies & appropriations

Total Contributions

Net investment income

Net appreciation in fair value of investments

Interest earned on cash balances

Total Revenue

EXPENSES: Benefits - Retirement annuities

Benefits - Survivors' annuities

Benefits - Disability benefits

Benefits - Lump-sum death benefits

Total Benefits

Refunds

Administration

Transfers to reciprocating systems

Total Expenses

Excess (deficiency) of revenues over expenses

$ 173,778,661

366,028,937

$ 539,807,598

215,621,397

(834,294,549)

6,370,500

$ (72,495,054)

$ 446,598,967

44,958,695

32,604,190

13,429,872

$ 537,591,724

17,012,242

7,140,280

0

$ 561,744,246

$(634,239,300)

$ 164,792,356

340,872,521

$ 505,664,877

199,499,986

725,684,217

6,079,096

$1,436,928,176

$ 405,944,513

42,672,462

29,239,488

12,058,958

$ 489,915,421

15,898,980

6,613,765

32,327

$ 512,460,493

$ 924,467,683

ANALYSIS OF PLAN INVESTMENTS

FY 2001

FY 2000

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 on sale of investments

Net unrealized (loss) on investments

Net appreciation in fair value of investments (3)

Total net investment income (loss) (4), (2) + (3)

Balance at end of year, at fair value (1) + (4)

$ 8,786,654,484

(23,000,000)

$ 8,763,654,484

235,164,552

(19,543,155)

$ 215,621,397

282,297,145

(1,116,591,694)

$ (834,294,549)

$ (618,673,152)

$ 8,144,981,332

$7,861,470,281

0

$7,861,470,281

219,125,496

(19,625,510)

$ 199,499,986

929,328,000

(203,643,783)

$ 725,684,217

$ 925,184,203

$8,786,654,484

SELECTED ACCOUNT BALANCES

JUNE 30, 2001

JUNE 30, 2000

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

$ 103,210,369

30,349,595

8,144,981,332

3,310,764

(5,190,708)

$ 8,276,661,352

(12,572,240,145)

$ (4,295,578,793)

$ 97,638,073

27,920,145

8,786,654,484

3,354,788

(4,666,838)

$ 8,910,900,652

$(10,912,987,912)

$ (2,002,087,260)

SUPPLEMENTARY INFORMATION

FY 2001

FY 2000

Number of System employees

Retirees and beneficiaries currently receiving benefits

Total members

Total active members

Total return on Investments

82

43,164

102,552

80,879

(7.1)%

80

42,094

101,812

80,676

11.8%

EXECUTIVE SECRETARY
During Audit Period: Michael L. Mory

Currently: Michael L. Mory