REPORT DIGEST

STATE EMPLOYEES’ RETIREMENT SYSTEM OF ILLINOIS
COMPLIANCE AUDIT

For the Year Ended:
June 30, 1999

Summary of Findings:

Total this audit 0
Total prior audit 0
Repeated from last audit 0

Release Date:

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State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703

(217) 782-6046

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

INTRODUCTION

 

This digest covers our compliance audit of the System for the year ended June 30, 1999. A financial audit covering the year ending June 30, 1999 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 fiscal controls.

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

 

WGH:RPU:pp

SPECIAL ASSISTANT AUDITORS

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

 

 

 

 

 

{Financial Information and Activity Measures are summarized on the reverse page.}

STATE EMPLOYEES' RETIREMENT SYSTEM OF ILLINOIS

INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS

TWO YEARS ENDED JUNE 30, 1999

FINANCIAL OPERATIONS

FY 1999

FY 1998

REVENUES

Contributions:

Participants

Employing State agencies

State pension fund

Net investment income

Net appreciation in fair value of investments

Interest earned on cash balances

Total Revenue

EXPENSES

Benefits:

Retirement annuities

Survivors' annuities

Disability benefits

Lump-sum death benefits

Refunds

Administration

Transfers to reciprocating systems

Total Expenses

 

$159,580,234

307,001,046

8,523,961

202,442,449

700,891,860

4,787,485

$1,383,227,035

 

$363,649,705

40,506,748

26,791,871

9,894,097

13,989,387

6,433,951

23,137

$461,288,896

 

$155,898,112

191,533,336

9,208,400

223,765,249

851,831,455

4,638,478

$1,436,875,030

 

$322,676,817

38,184,192

24,711,911

13,867,165

14,812,967

6,154,373

0

$420,407,425

SELECTED ACCOUNT BALANCES

JUNE 30, 1999

JUNE 30, 1998

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

$100,578,832

$25,972,613

$7,861,470,281

$3,500,719

$5,089,476

$7,986,432,969

$9,998,204,988

$2,011,772,019

$79,514,954

$17,870,937

$6,969,135,972

$3,622,304

$5,649,337

$7,064,494,830

$9,341,897,641

$2,277,402,811

SUPPLEMENTARY INFORMATION

FY 1999

FY 1998

Number of System employees

Number of retirees and beneficiaries currently receiving benefits

Inactive members not yet receiving benefits

Current Members:

Vested

Nonvested

Total Return on Investments

80

41,131

3,749

54,366

25,136

12.9%

80

40,431

3,542

54,237

23,823

18.1%

EXECUTIVE SECRETARY
During Audit Period: Michael L. Mory

Currently: Michael L. Mory