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REPORT DIGEST
STATE UNIVERSITIES
RETIREMENT SYSTEM
COMPLIANCE EXAMINATION For the Year Ended: June 30, 2007 Summary of Findings: Total this audit 0 Total prior audit 1 Repeated from last audit 0 Release Date: April 30, 2008
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 TTY (888) 261-2887 This Report Digest and Full
Report are available on the worldwide web at www.auditor.illinois.gov |
INTRODUCTION
This
digest covers our compliance examination of the System for the year ended
June 30, 2007. A financial audit covering
the year ended June 30, 2007 was issued separately. There were no material findings of noncompliance disclosed
during our testing.
FUNDING LEGISLATION
Public
Act 94-0004 became law June 1, 2005 and affected the System by modifying
several retirement benefit calculations for fiscal year 2006 and beyond. In addition, the Act also established
specific dollar amounts to be contributed by the State for fiscal years 2006
and 2007, as opposed to the State contribution being calculated based on the
existing funding formula. State
required contributions will be higher in future years to make up for the
two-year funding reduction.
AUDITORS’ OPINION
We
conducted a compliance examination of the System for the year ended June 30,
2007 as required by the Illinois State Auditing Act. A financial audit covering the year ending
June 30, 2007 was issued separately.
___________________________________
WILLIAM G.
HOLLAND, Auditor General
WGH:KMA:pp
SPECIAL ASSISTANT AUDITORS
BKD,
LLP were our special assistant auditors.
{Financial Information
and Activity Measures summarized on the reverse page.} |
STATE UNIVERSITIES RETIREMENT SYSTEM
COMPLIANCE EXAMINATION
Year Ended June 30, 2007
|
FINANCIAL OPERATIONS (All Funds) |
FY 2007 |
FY 2006 |
|
Revenues
Contributions
Participants..............................................
Employer..................................................
Total Contributions..............................
Investment Income
Net appreciation in fair market
value..........
Interest....................................................
Dividends.................................................
Securities lending......................................
Less: Investment expense.........................
Net Investment Income.......................
Total
Revenues.............................
Expenses
Total benefits..................................................
Other
expenses...............................................
Total
Expenses.............................
Excess of Revenues over Expenses....................... |
$303,992,601
294,451,464
$598,444,065
$2,249,927,509
225,548,765
155,508,304
4,958,036
(38,111,626)
$2,597,830,988
$3,196,275,053
$1,180,574,674
65,112,023
$1,245,686,697
$1,950,588,356 |
$292,392,188
209,651,367
$502,043,555
$1,281,932,946
183,792,025
126,245,756
4,525,486
(29,685,842)
$1,566,810,371
$2,068,853,926
$1,086,565,418
63,584,559
$1,150,149,977
$918,703,949 |
|
INVESTMENT PORTFOLIO ANALYSIS
(Fair Market Value) |
JUNE 30, 2007 |
JUNE 30, 2006 |
|
Equities ..............................................................
Fixed
income........................................................
Real
estate...........................................................
Self-managed plan funds.......................................
Total
Portfolio at Fair Market Value................. |
$10,242,225,544
5,180,583,996
328,033,841
533,000,506
$16,283,843,887 |
$9,692,422,530
3,816,079,807
131,569,925
405,332,778
$14,045,405,040 |
|
INVESTMENTS USED FOR
BENEFITS AND EXPENSES
(Defined Benefit Plan) |
FY 2007 |
FY 2006 |
|
Contributions
Participants ....................................................
State of Illinois................................................
Federal/Trust and other sources.......................
Total Contributions....................................
Deductions
Benefits.........................................................
Refunds.........................................................
Administrative Expenses.................................
Bond Interest Expense....................................
Total Deductions.......................................
Investments Used to Pay
Benefits and Expenses.... |
$262,350,838
224,064,475
37,078,160
$523,493,473
$1,177,348,076
41,353,881
11,704,567
$1,230,406,524
$(706,913,051) |
$252,921,802
142,196,464
37,821,618
$432,939,884
$1,085,383,795
42,620,200
11,982,284
179,640
$1,140,165,919
$(707,226,035) |
|
SUPPLEMENTARY
INFORMATION |
FY 2007 |
FY 2006 |
|
Total
investment administrative expenses................
Investment
return (unaudited)................................
Average
number of employees (unaudited).............
Number
of active members...................................
Number
of inactive members.................................
Number
of retirement benefit recipients..................
Number
of survivors benefit recipients...................
Number
of disabilities benefit recipients.................. |
$37,104,488
18.3%
120.10
81,691
75,261
35,200
6,958
849 |
$28,813,142
11.7%
121.30
80,869
72,606
33,574
6,807
864 |
|
EXECUTIVE DIRECTOR |
|
|
|
During Examination
Period: Dan M. Slack
Currently: Dan M. Slack |
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