REPORT DIGEST
JUDGES’ RETIREMENT SYSTEM OF ILLINOIS
COMPLIANCE AUDIT
For the Year Ended:
June 30, 2003
Summary of Findings:
Total this audit 0
Total prior audit 0
Repeated from last audit 0
Release Date:
March 11, 2004
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 TDD (217) 524-4646
This Report Digest is also available on
the worldwide web at
http://www.state.il.us/auditor
INTRODUCTION
This digest covers our compliance audit of the Judges’ Retirement System (System) for the year ended June 30, 2003. A financial audit covering the year ending June 30, 2003 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.
SUBSEQUENT EVENT
On April 7, 2003, Governor Rod Blagojevich signed House Bill 2660 into law as Public Act 93-0002. This new law authorized the State of Illinois to issue $10 billion of General Obligation Bonds for the purpose of making contributions to designated retirement systems, which included the Judges Retirement System.
On July 1, 2003, the System received an allocation of $141,955,483 from the pension bond proceeds. The System deposited the allocation into its master trust account with the Illinois State Board of Investments, on July 2, 2003.
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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.}