REPORT DIGEST JUDGES RETIREMENT SYSTEM OF ILLINOIS COMPLIANCE AUDIT For the Year Ended: June 30, 2002 Summary of Findings: Total this audit 0 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 |
INTRODUCTION This digest covers our compliance audit of the System for the year ended June 30, 2002. A financial audit covering the year ending June 30, 2002 is being 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 internal controls.
_____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS McGladrey & Pullen LLP were our special assistant auditors for this audit.
{Financial Information and Activity Measures are summarized on the reverse page.} |
JUDGES RETIREMENT SYSTEM OF
ILLINOIS
INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS
TWO YEARS ENDED JUNE 30, 2002
OPERATING STATEMENT ANALYSIS | FY 2002 |
FY 2001 |
REVENUES: Contributions Participants Contributions appropriations & other Total Contributions Net investment income Net (depreciation) 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 Deficiency of revenues over expenses |
$
12,487,303 |
$
12,291,097 |
ANALYSIS OF PLAN INVESTMENTS | FY 2002 |
FY 2001 |
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fair value Net cash (withdrawn) from investments Net investments (1) Investment income interest, dividends and other Investment expenses Net Investment income (2) Net realized gain (loss) on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) |
$
372,637,630 |
$
414,758,248 |
SELECTED ACCOUNT BALANCES | JUNE 30, 2002 |
JUNE 30, 2001 |
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 |
$ 6,593,476 |
$ 8,529,516 |
SUPPLEMENTARY INFORMATION | FY 2002 |
FY 2001 |
Number of System employees Retirees and beneficiaries currently receiving benefits Total members Total active members Total return on investments (unaudited) |
8 |
8 |
EXECUTIVE SECRETARY | ||
During Audit Period: Michael
L. Mory Currently: Robert V. Knox |