REPORT DIGEST

PUBLIC SCHOOL TEACHERS’ PENSION AND RETIREMENT FUND OF CHICAGO

SPECIAL LIMITED COMPLIANCE EXAMINATION TESTING OF STATE APPROPRIATIONS

For the Two Years Ended: June 30, 2011

Release Date: March 6, 2012

Summary of Findings:

Total this audit: 0

Total last audit: 0

Repeated from last audit: 0

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 also available on the worldwide web at www.auditor.illinois.gov

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INTRODUCTION

The Illinois General Assembly makes direct appropriations annually to the Public School Teachers’ Pension and Retirement Fund of Chicago (Fund). The expenditures from the General Revenue Fund totaled $5,029,000 in Fiscal Year 2010 and $10,448,973 in Fiscal Year 2011. The expenditures from the Education Assistance Fund totaled $35,522,400 in Fiscal Year 2010 and Fiscal Year 2011. Our special compliance testing was limited to these State appropriated expenditures made directly to the Fund.

There were no material findings of noncompliance disclosed during our examination.

AUDITORS’ OPINION

We conducted a special limited compliance examination as required by the Illinois State Auditing Act.

The Fund has no State funds that require an audit leading to an opinion on financial statements.

WILLIAM G. HOLLAND

Auditor General

WGH:ph

AUDITORS ASSIGNED: This engagement was performed by the Auditor General’s staff.