REPORT DIGEST GENERAL ASSEMBLY RETIREMENT SYSTEM COMPLIANCE
EXAMINATION For the Year Ended: June 30, 2007 Summary of Findings: Total this year -Financial Audit 1* -Compliance Examination 0 Total last year -Financial Audit 0* -Compliance Examination 0 Repeated from last year -Financial Audit 0* -Compliance Examination 0 * Financial audit previously
released Release Date: April 30, 2008
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, 2007. A financial
audit covering the year ending June 30, 2007 was previously released on March
4, 2008. The financial audit report
contained one finding relating to a significant deficiency in the design of
the System’s internal control. 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 will be higher in
future years to make up for the two-year funding reduction.
ACCOUNTANTS’ REPORT We conducted a compliance attestation
examination of the System for the year ended June 30, 2007 as required by the
Illinois State Auditing Act. The accountants’ report does not contain any
scope limitations, disclosures or other significant non-standard language. _____________________________________ WILLIAM
G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS
McGladrey & Pullen LLP were our special assistant auditors for this engagement. {Financial Data and Supplementary Information are
summarized on the reverse page.} |
GENERAL ASSEMBLY RETIREMENT SYSTEM OF ILLINOIS
COMPLIANCE
EXAMINATION
|
OPERATING STATEMENT ANALYSIS |
FY 2007
|
FY 2006
|
|
Contributions –
Appropriations & other............
Total Contributions..................................... Net investment income..................................... Net appreciation 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............................................ Revenues
over (under) expenses........................ |
$ 1,703,344 5,470,429 $ 7,173,773 1,933,225 10,914,976 142,784 $20,164,758 $12,180,739 2,538,553 $14,719,292 297,790 220,333 $15,237,415 $ 4,927,343 |
$ 1,491,811 4,175,390 $ 5,667,201 1,957,707 5,786,233 129,049 $13,540,190 $11,623,511 2,442,249 $14,065,760 187,917 304,723 $14,558,400 $(1,018,210) |
FY 2007
|
FY 2006
|
|
|
$79,016,741 (8,000,000) $71,016,741 2,208,651 (275,426) $ 1,933,225 5,117,713 5,797,263 $10,914,976 $12,848,201 $83,864,942 |
$80,772,801 (9,500,000) $71,272,801 2,168,154 (210,447) $ 1,957,707 369,569 5,416,664 $ 5,786,233
$ 7,743,940
$79,016,741
|
|
iNVESTMENTS USED FOR Benefits and
Expenses
|
FY 2007
|
FY 2006
|
|
Appropriations & other .................... Total Contributions (5)..................... DEDUCTIONS: Benefits...............................................
Refunds................................................
Administration....................................... Total
Deductions (6)........................... Investments
used to Pay Benefits and Expenses)
(5)-(6)......... |
$ 1,703,344 5,470,429 $ 7,173,773 $14,719,292 297,790 220,333 $15,237,415 $(8,063,642) |
$ 1,491,81 4,175,390 $ 5,667,201 $14,065,760 187,917
304,723
$14,558,400
$(8,891,199) |
|
SUPPLEMENTARY INFORMATION (unaudited) |
FY 2007 |
FY 2006 |
|
Retirees and beneficiaries
currently receiving benefits.............. Total members ................................................................. Total active members............................................................. Total return on investments..................................................... |
399 267 182 17.1% |
395 265 182 11.0% |
EXECUTIVE SECRETARY
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During
Audit Period: Timothy B. Blair,
Acting Currently:
Timothy B. Blair, Acting |
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