REPORT DIGEST

GENERAL ASSEMBLY RETIREMENT SYSTEM OF ILLINOIS

FINANCIAL AUDIT
For the Year Ended: June 30, 2013


Release Date:   January 8, 2014

Summary of Findings:
Total this audit: 0
Total last audit:  1
Repeated from last audit: 0

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, Iles Park Plaza,
740 E. Ash Street, Springfield, IL 62703
(217) 	782-6046 or TTY (888) 261-2887

This Report Digest and Full Report are also
available on the worldwide web at
www.auditor.illinois.gov

INTRODUCTION

This digest covers our financial audit of the
General Assembly Retirement System, State of
Illinois (System) for the year ended June 30,
2013.  A compliance examination report covering
the year ending June 30, 2013 will be issued in
a separate report at a later date.

FUNDED RATIO

The actuarial accrued liability was valued at
$320.5 million at June 30, 2013.  The actuarial
value of assets (at smoothed value) totaled
approximately $51.9 million at June 30, 2013.
The method for determining the actuarial value
of the assets was changed beginning with the
June 30, 2009 valuation from the market value to
a smoothed value where the actuarial investment
gains or losses for each year are recognized in
equal amounts over the ensuing five-year period.

The difference between the actuarial accrued
liability and the actuarial value of assets of
$268.6 million reflects the unfunded liability
of the System at June 30, 2013.  The System had
a funded ratio (at smoothed value) of 16.2% at
June 30, 2013.  When using the market value, the
System would have had a funded ratio of 17.0% at
June 30, 2013.

AUDITORS’ OPINION

The auditors stated the financial statements of
the General Assembly Retirement System of
Illinois as of June 30, 2013 and for the year
then ended, are fairly stated in all material
respects.

WILLIAM G. HOLLAND
Auditor General

WGH:JAF

SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit
were BKD LLP.