REPORT DIGEST GENERAL ASSEMBLY RETIREMENT SYSTEM COMPLIANCE
EXAMINATION For the Year Ended: June 30, 2006 Summary of Findings: Total findings this report 0 Total findings last report 1 Repeated findings 0 Release Date: April 17, 2007
State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
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INTRODUCTION This
digest covers our compliance attestation examination of the General Assembly
Retirement System (System) for the year ended June 30, 2006. A financial
audit covering the year ending June 30, 2006 was issued separately. There
were no material findings of noncompliance disclosed during our testing. We commend the System for maintaining
effective internal controls. It should be noted that, pursuant to the Illinois Pension
Code, investments of the System are managed by the Illinois State Board of
Investment. FUNDING LEGISLATION
In June 2005, Public Act 94-0004 became
law. This legislation further
modified the funding plan of the System by reducing the amount of required
employer (State) contributions for fiscal year 2006 and 2007 that would have
otherwise been required under the previous funding legislation. The State contributions decreased
approximately $.5 million from $4.7 million in fiscal year 2005 to $4.2
million in fiscal years 2006.
AUDITORS’ OPINION We conducted a compliance attestation
examination of the System for the year ended June 30, 2006 as required by the
Illinois State Auditing Act. _____________________________________ WILLIAM
G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS
McGladrey & Pullen LLP were our special assistant auditors for this engagement. {Financial Information and Activity Measures are
summarized on the reverse page.} |
