REPORT DIGEST

GENERAL ASSEMBLY RETIREMENT SYSTEM

COMPLIANCE AUDIT

For the Year Ended:

June 30, 2000

Summary of Findings:

Total this audit 0

Total last audit 0

Repeated from last audit 0

Release Date:
February 14, 2001

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

To obtain a copy of the Report contact:
Office of the Auditor General
Attn: Records Manager
Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217)782-6046 or TDD (217) 524-4646

This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor

 

 

 

INTRODUCTION

This digest covers our compliance audit of the System for the year ended June 30, 2000. A financial audit covering the year ending June 30, 2000 is being issued separately.

It should be noted that, pursuant to the Illinois Pension Code, investments of the System are managed by the Illinois State Board of Investment.

There were no material findings of noncompliance disclosed during our audit tests. We commend the System for maintaining effective fiscal controls.

 

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:RPU:pp

 

SPECIAL ASSISTANT AUDITORS

Thomas Havey LLP were our special assistant auditors for this audit.

 

{Financial Information and Activity Measures are summarized on the reverse page.}

 

GENERAL ASSEMBLY RETIREMENT SYSTEM

INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS

TWO YEARS ENDED JUNE 30, 2000

FINANCIAL OPERATIONS

FY 2000

FY 1999

REVENUES

Contributions:

Participants
State General Revenue Fund
State Pension Fund
Other

Net investment income
Net appreciation in fair value on investments
Interest earned on cash balances

Total Revenue

EXPENSES

Benefits:

Retirement annuities
Survivors' annuities

Refunds
Administration

Total Expenses

 

 

$ 1,317,542
3,471,000
480,000
0

1,603,495
5,859,238
98,951

$12,830,226

 

 

$7,186,818
1,653,864

97,593
253,015

$9,191,290

 

 

$ 1,413,676
3,097,300
494,718
107,740

1,724,874
5,868,376
90,384

$ 12,797,068

 

 

$ 6,742,033
1,591,631

129,369
239,117

$ 8,702,150

SELECTED ACCOUNT BALANCES

JUNE 30, 2000

JUNE 30, 1999

Cash
Receivables
Investments, at fair value
Property and equipment, net of accumulated depreciation
Liabilities
Net Assets Held in Trust for Benefits
Actuarial Accrued Liability
Unfunded Liability

$1,638,076
$9,721
$68,916,666
$4,315
$97,334
$70,471,444
$169,362,915
$98,891,471

$1,657,356
$11,792
$65,253,933
$5,632
$96,205
$66,832,508
$160,870,755
$94,038,247

SUPPLEMENTARY INFORMATION

FY 2000

FY 1999

Number of System employees (shared with Judges’ Retirement System)
Number of retirees and beneficiaries currently receiving benefits
Inactive members not yet receiving benefits
Current Members:

Vested
Nonvested
Total Return on Investments


8

349
110


132
49
11.8%


8

354
118


132
49
12.9%

EXECUTIVE SECRETARY
During Audit Period: Michael L. Mory
Currently: Michael L. Mory