For the Year Ended:
State of Illinois
WILLIAM G. HOLLAND
To obtain a copy of the Report contact:
(217)782-6046 or TDD (217) 524-4646
This Report Digest is also available on
Unfunded Liability at June 30, 1999 Totals $416 million
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.
Our auditors state that the June 30, 1999 financial statements of the System are fairly presented.
WILLIAM G. HOLLAND, Auditor General
SPECIAL ASSISTANT AUDITORS
Thomas Havey LLP were our special assistant auditors for this audit.