REPORT DIGEST STATE EMPLOYEES RETIREMENT SYSTEM OF ILLINOIS For the Year Ended: Summary of Findings: Total this audit 0 Release Date:
Office of the Auditor General 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.} |
STATE EMPLOYEES' 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 Employing State agencies State pension fund Net investment income Net appreciation in fair value of investments Interest earned on cash balances Total Revenue EXPENSES Benefits: Retirement annuities Survivors' annuities Disability benefits Lump-sum death benefits Refunds Administration Transfers to reciprocating systems Total Expenses |
$159,580,234 307,001,046 8,523,961 202,442,449 700,891,860 4,787,485 $1,383,227,035
$363,649,705 40,506,748 26,791,871 9,894,097 13,989,387 6,433,951 23,137 $461,288,896 |
$155,898,112 191,533,336 9,208,400 223,765,249 851,831,455 4,638,478 $1,436,875,030
$322,676,817 38,184,192 24,711,911 13,867,165 14,812,967 6,154,373 0 $420,407,425 |
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 |
$100,578,832 $25,972,613 $7,861,470,281 $3,500,719 $5,089,476 $7,986,432,969 $9,998,204,988 $2,011,772,019 |
$79,514,954 $17,870,937 $6,969,135,972 $3,622,304 $5,649,337 $7,064,494,830 $9,341,897,641 $2,277,402,811 |
SUPPLEMENTARY INFORMATION | FY 1999 |
FY 1998 |
Number of System employees Number of retirees and beneficiaries currently receiving benefits Inactive members not yet receiving benefits Current Members: Vested Nonvested Total Return on Investments |
80 41,131 3,749 54,366 25,136 12.9% |
80 40,431 3,542 54,237 23,823 18.1% |
EXECUTIVE SECRETARY |
During Audit Period: Michael L. Mory Currently: Michael L. Mory |