REPORT DIGEST JUDGES RETIREMENT SYSTEM OF ILLINOIS FINANCIAL AUDIT For the Year Ended: June 30, 2000 Release Date: State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL To obtain a copy of the Report contact: (217)782-6046 or TDD (217) 524-4646 This Report Digest is also available on |
SYNOPSIS
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Unfunded Liability at June 30, 2000 Totals $448 million
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INTRODUCTION This digest covers our financial audit of the System for the year ended June 30, 2000. A compliance audit covering the year ending June 30, 2000 is being issued separately. The System shares administrative staff and common administrative expenses with the General Assembly Retirement System (GARS). The GARS reimburses the System for 40 percent of the administrative costs incurred. It should be noted that, pursuant to the Illinois Pension Code, the Illinois State Board of Investment manages the investments of the System. UNDERFUNDING OF THE SYSTEM The actuarial accrued liability was valued at $871 million at June 30, 2000. The actuarial value of assets (at market) totaled approximately $423 million at June 30, 2000. The difference between the liability and the assets of $448 million reflects the unfunded liability of the System at June 30, 2000. The Judges Retirement System had a funded ratio of 48.5% at June 30, 2000. AUDITORS' OPINION Our auditors state that the June 30, 2000 financial statements of the System are fairly presented. ____________________________________ WILLIAM G. HOLLAND, Auditor General
WGH:RPU:pp SPECIAL ASSISTANT AUDITORS Thomas Havey LLP were our special assistant auditors for this audit. |