REPORT DIGEST

JUDGES’
RETIREMENT SYSTEM
OF ILLINOIS
FINANCIAL AUDIT

For the Year Ended:
June 30, 1999

Release Date:

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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
Attn: Records Manager
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

SYNOPSIS

 

  • The unfunded liability of the System was $416 million at June 30, 1999. The System’s funded ratio at that date was 48.4%.

 

 

 

 

 

 

 

 

 

 

Unfunded Liability at June 30, 1999 Totals $416 million

 

 

 

 

 

 

 

 

 

 

 

 

INTRODUCTION

This digest covers our financial audit of the System for the year ended June 30, 1999. A compliance audit covering the year ending June 30, 1999 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 $806 million at June 30, 1999. The actuarial value of assets (at market) totaled approximately $390 million at June 30, 1999. The difference between the liability and the assets of $416 million reflects the unfunded liability of the System at June 30, 1999. The Judges’ Retirement System had a funded ratio of 48.4% at June 30, 1999.

AUDITORS' OPINION

Our auditors state that the June 30, 1999 financial statements of the System are fairly presented.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

 

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SPECIAL ASSISTANT AUDITORS

Thomas Havey LLP were our special assistant auditors for this audit.