REPORT DIGEST STATE UNIVERSITIES RETIREMENT SYSTEM FINANCIAL AUDIT FOR THE YEAR ENDED JUNE 30, 2018 Release Date: January 3, 2018 FINDINGS THIS AUDIT: 0 FINDINGS LAST AUDIT: 0 State of Illinois, Office of the Auditor General FRANK J. MAUTINO, 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 also available on the worldwide web at www.auditor.illinois.gov INTRODUCTION This digest covers the financial statement audit of the State Universities Retirement System (System) as of and for the year ended June 30, 2018. The State Universities Retirement System’s Compliance Examination covering the year ended June 30, 2018 will be issued in a separate report at a later date. The System’s total pension liability is $46.816 billion at June 30, 2018. The net pension liability at June 30, 2018 is $27.495 billion, which is the difference between the System’s fiduciary net position of $18.485 billion and the total pension liability. The System’s funded ratio is 41.27%. The criteria used for computing pension liability information in the financial report in accordance with GASB Statement No. 67 differs from the criteria used to compute the actuarial accrued liability and actuarial unfunded liability under the State’s funding plan, therefore this information under the State’s funding plan is no longer reported in the financial statements. There were no material findings of noncompliance disclosed during our examination. AUDITOR’S OPINION The auditors stated the financial statements of the State Universities Retirement System as of June 30, 2018, and for the year then ended, are fairly stated in all material respects. This financial audit was conducted by BKD LLP. JANE CLARK Division Director This report is transmitted in accordance with Section 3-14 of the Illinois State Auditing Act. FRANK J. MAUTINO Auditor General FJM:TLK