REPORT DIGEST

PUBLIC SCHOOL TEACHERS' PENSION AND RETIREMENT FUND OF CHICAGO

SPECIAL LIMITED COMPLIANCE AUDIT TESTING OF SUPPLEMENTAL PAYMENTS
For the Two Years Ended:
June 30, 1997

Summary of Findings:

Release Date:
April 8, 1998

State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

There were no material findings of noncompliance for this audit or the prior audit.

The Illinois General Assembly makes direct appropriations annually to the Public School Teachers' Pension and Retirement Fund of Chicago (Fund) from the General Revenue Fund for supplemental payments to retired teachers under provisions set forth in Article 17 of the State Pension Code. For Fiscal Year 1996 the appropriation was $75,000, and for Fiscal Year 1997 the appropriation was $50,000. Our special compliance testing was limited to these State appropriations and related supplemental payments.

In addition, the Fund also receives State funding through the Illinois State Board of Education (Board). Expenditures of such other funds are audited in our regular audits of the Board.

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WILLIAM G. HOLLAND, Auditor General

WGH:PH

AUDITORS ASSIGNED

This audit testing was performed by staff of the Office of the Auditor General.