REPORT DIGEST JUDGES RETIREMENT SYSTEM OF ILLINOIS COMPLIANCE AUDIT For the Year Ended: Summary of Findings: Total this audit 0 Release Date: State of Illinois WILLIAM G. HOLLAND AUDITOR GENERAL Iles Park Plaza To obtain a copy of the Report contact: (217)782-6046 or TDD (217) 524-4646 This Report Digest is also available on |
INTRODUCTION This digest covers our compliance audit of the System for the year ended June 30, 2001. A financial audit covering the year ending June 30, 2001 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 fiscal controls.
_____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS Thomas Havey LLP were our special assistant auditors for this audit.
{Financial Information and Activity Measures are summarized on the reverse page.} |
OPERATING STATEMENT ANALYSIS | FY 2001 |
FY 2000 |
REVENUES: Contributions Participants 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 Excess (deficiency) of revenues over expenses |
$ 12,291,097 24,348,926 $ 36,640,023 10,031,772 (38,952,390) 455,742 $ 8,175,147 $ 37,509,685 10,821,137 $ 48,330,822 633,610 410,854 $ 49,375,286 $(41,200,139) |
$12,005,415 21,411,577 $33,416,992 9,543,171 34,879,225 426,053 $78,265,441 $34,078,117 10,140,631 $44,218,748 498,183 376,713 $45,093,644 $33,171,797 |
ANALYSIS OF PLAN INVESTMENTS | FY 2001 |
FY 2000 |
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fair value Net cash (withdrawn) from investments Net investments (1) Investment income interest, dividends and other Investment expenses Net Investment income (2) Net realized gain on sale of investments Net unrealized (loss) on investments Net appreciation in fair value of investments (3) Total net investment income (loss) (4), (2) + (3)Balance at end of year, at fair value (1) + (4) |
$ 414,758,248 (13,200,000) $ 401,558,248 10,939,200 (907,428) $ 10,031,772 13,324,668 (52,277,058) $ (38,952,390) $ (28,920,618) $ 372,637,630 |
$382,235,852 (11,900,000) $370,335,852 10,480,075 (936,904) $ 9,543,171 44,569,530 (9,690,305) $ 34,879,225 $ 44,422,396 $414,758,248 |
SELECTED ACCOUNT BALANCES | JUNE 30, 2001 |
JUNE 30, 2000 |
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 |
$ 8,529,516 613,324 372,637,630 4,306 (51,195) $ 381,733,581 $(937,091,513) $(555,357,932) |
$ 7,752,714 476,829 414,758,248 6,739 (60,810) $ 422,933,720 $(871,153,418) $(448,219,698) |
SUPPLEMENTARY INFORMATION | FY 2001 |
FY 2000 |
Number of System employees Retirees and beneficiaries currently receiving benefits Total members Total active members Total return on Investments |
8 822 949 910 (7.1)% |
8 784 951 908 11.8% |
EXECUTIVE SECRETARY | ||
During Audit Period: Michael
L. Mory Currently: Michael L. Mory |