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REPORT DIGEST TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS FINANCIAL AUDIT For the Year Ended: June 30, 2006 Release Date:
March 27, 2007
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 the
Full Report are also available on the worldwide web at http://www.auditor.illinois.gov |
SYNOPSIS ¨
The unfunded liability of the Teachers’ Retirement System of the
State of Illinois (System) was $22,412 million at June 30, 2006. The System’s funded ratio at that date was
62.0%. ¨
Public Act 94-0004 became
law on June 1, 2005 and modified the Employee Retirement Option (ERO),
changed the member contribution rate, added new employer contributions and
established specific dollar amounts to be contributed by the State for fiscal
years 2006 and 2007 to the System. {Financial data is summarized on the reverse page.} |
TEACHERS' RETIREMENT SYSTEM OF ILLINOIS
FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30,
2006
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OPERATING
STATEMENT ANALYSIS |
FY 2006 |
FY 2005 |
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REVENUES:
Contributions - Members.................................. Contributions - State of Illinois........................... Contributions - School Districts / Employers........ Total Contributions........................................ Investment Income - Appreciation in Fair Value. Investment Income - Income From Investments.. Total Investment
Income............................
Investment Expense.......................................... Total Revenues............................................. EXPENSES:
Benefits........................................................... Refunds..........................................................
Administrative Expenses................................... Total Expenses............................................ Revenue Over Expenses................................... |
$ 799,034,336 543,305,256 123,542,608 $1,456,882,200 2,971,529,661 1,341,441,966 $4,312,971,627 (319,681,747) $5,450,172,080 $2,877,230,697 57,967,063 15,303,370 $2,950,501,130 $2,499,670,950 |
$ 761,790,009 906,749,310 148,813,036 $1,817,352,355 2,569,878,360 953,893,405 $3,523,771,765 (193,732,607) $5,147,391,513 $2,533,102,848 59,395,758 14,403,715 $2,606,902,321 $2,540,489,192 |
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INVESTMENT PORTFOLIO ANALYSIS - Fair Value |
JUNE 30, 2006 |
JUNE 30, 2005 |
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Fixed
Income........................................................................ Equities................................................................................ Real Estate........................................................................... Short Term Investments........................................................ Private Equity....................................................................... Foreign Currency.................................................................. Total Investment Portfolio.............................................. |
$10,537,985,786 20,031,392,346 3,946,280,351 1,273,184,193 1,513,997,646 34,040,496 $37,336,880,818 |
$10,325,741,083 18,787,194,875 3,525,456,881 1,163,168,990 1,068,633,225 28,166,730 $34,898,361,784 |
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ADMINISTRATIVE EXPENSES |
FY 2006 |
FY 2005 |
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Personal Services................................................................. Professional Services............................................................ Postage................................................................................ Machine Repair and Rental................................................... Other Contractual Services.................................................... Commodities......................................................................... Occupancy Expense............................................................. Provision for Depreciation..................................................... Gain / (Loss) on Disposal of Equipment.................................. Total Administrative Expenses........................................ |
$10,945,763 1,015,544 505,394 876,807 1,028,647 457,939 169,096 303,203 977 $15,303,370 |
$10,787,362
981,768 452,629 462,559 765,214 506,844 172,652 277,617 (2,930) $14,403,715 |
FUNDING PROGRESS |
JUNE 30, 2006 |
JUNE 30, 2005 |
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Actuarial
Accrued Liability....................................................... Actuarial
Value of Assets........................................................ Unfunded
Actuarial Accrued Liability....................................... Funded
Ratio........................................................................... |
$58,996,913,000 36,584,889,000 $22,412,024,000 62.0% |
$56,075,029,000 34,085,218,000 $21,989,811,000 60.8% |
EXECUTIVE DIRECTOR |
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During Engagement Period:
Jon Bauman Currently: Jon Bauman |
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