REPORT DIGEST

STATE EMPLOYEES’ RETIREMENT SYSTEM OF
THE STATE OF ILLINOIS

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2022

Release Date:  March 30, 2023

FINDINGS THIS AUDIT: 0
FINDINGS LAST AUDIT: 0

State of Illinois, Office of the
Auditor General
FRANK J. MAUTINO, 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 TTY (888) 261-2887

This Report Digest and Full Report are
also available on the worldwide web at
www.auditor.illinois.gov

INTRODUCTION

This digest covers the financial
statement audit of the State
Employees’ Retirement System of the
State of Illinois (System) as of and
for the year ended June 30, 2022.

The System’s total pension liability
is $54.6 billion at June 30, 2022, a
decrease of $2.4 billion from $57.0
billion at June 30, 2021. The System’s
net pension liability at June 30, 2022
is $32.3 billion, which is the
difference between the System’s
fiduciary net position of $22.2
billion and the total pension
liability. The System’s net position
as a percentage of the total pension
liability is 40.73% as of June 30,
2022 as compared to 41.91% at June 30,
2021. The criteria used for computing
pension liability information in the
financial report in accordance with
GASB Statement No. 67 differs from the
criteria used to compute the actuarial
accrued liability and actuarial
unfunded liability under the State’s
funding plan, therefore this
information under the State’s funding
plan is no longer reported in the
financial statements. There were no
findings reported under Government
Auditing Standards in our audit.

AUDITOR’S OPINION

The auditors stated the financial
statements of the System as of and for
the year ended June 30, 2022, are
fairly stated in all material
respects.

This financial audit was conducted by
RSM US LLP.

JANE CLARK
Division Director

This report is transmitted in
accordance with Section 3-14 of the
Illinois State Auditing Act.

FRANK J. MAUTINO
Auditor General

FJM:dmg