REPORT DIGEST

GENERAL ASSEMBLY RETIREMENT SYSTEM

COMPLIANCE AUDIT

For the Year Ended:

June 30, 2002

Summary of Findings:

Total this audit 0
Total last audit 0
Repeated from last audit 0

Release Date:
March 18, 2003

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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
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, 2002. A financial audit covering the year ending June 30, 2002 was 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 internal controls.

 

 

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:RPU:pp

 

SPECIAL ASSISTANT AUDITORS

McGladrey & Pullen, LLP were our special assistant auditors for this audit.

 

 

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

GENERAL ASSEMBLY RETIREMENT SYSTEM OF ILLINOIS
INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS
TWO YEARS ENDED JUNE 30, 2002

OPERATING STATEMENT ANALYSIS

FY 2002

FY 2001

REVENUES: Contributions – Participants
Contributions – appropriations & other
Total Contributions
Net investment income
Net (depreciation) in fair value of investments
Interest earned on cash balances
Total Revenue
EXPENSES: Benefits - Retirement annuities
Benefits - Survivors' annuities
Total Benefits
Refunds
Administration
Total Expenses
Deficiency of revenues over expenses

$ 1,552,295
4,721,478
$ 6,273,773
1,346,042
(5,304,627)
43,745
$ 2,358,933
$ 8,111,247
1,841,986
$ 9,953,233
68,205
284,775
$ 10,306,213
$(7,947,280)

$ 1,407,638
4,311,909
$ 5,719,547
1,642,488
(6,396,149)
102,744
$ 1,068,630
$ 7,505,092
1,722,868
$ 9,227,960
37,824
276,443
$ 9,542,227
$(8,473,597)

ANALYSIS OF PLAN INVESTMENTS

FY 2002

FY 2001

Balance at beginning of year, at fair value
Net cash (withdrawn) from investments
Net investments (1)
Investment income – interest, dividends and other
Investment expenses
Net Investment income (2)
Net realized gain (loss) on sale of investments
Net unrealized (loss) on investments
Net (depreciation) in fair value of investments (3)
Total net investment (loss)
(4), (2) + (3)
Balance at end of year, at fair value (1) + (4)

$ 60,463,005
(4,350,000)
$ 56,113,005
1,472,358
(126,316)
$ 1,346,042
(1,438,879)
(3,865,748)
$(5,304,627)
$(3,958,585)
$ 52,154,420

$ 68,916,666
(3,700,000)
$ 65,216,666
1,790,900
(148,412)
$ 1,642,488
2,210,936
(8,607,085)
$(6,396,149)
$(4,753,661)
$ 60,463,005

SELECTED ACCOUNT BALANCES

JUNE 30, 2002

JUNE 30, 2001

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

$ 1,297,601
701,568
52,154,420
2,081
(105,103)
$ 54,050,567
$(184,582,544)
$(130,531,977)

$ 1,632,080
19,546
60,463,005
2,833
(119,617)
$ 61,997,847
$(177,546,144)
$(115,548,297)

SUPPLEMENTARY INFORMATION

FY 2002

FY 2001

Retirees and beneficiaries currently receiving benefits
Total members
Total active members
Total return on investments (unaudited)

353
286
181
(6.9)%

351
292
181
(7.1)%

EXECUTIVE SECRETARY
During Audit Period: Michael L. Mory
Currently: Robert V. Knox