REPORT DIGEST

STATE UNIVERSITIES RETIREMENT SYSTEM

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2016

Release Date:  December 22, 2016

FINDINGS THIS AUDIT:  0
FINDINGS LAST AUDIT: 1

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 Universities Retirement
System (System) as of and for the year
ended June 30, 2016. The State
Universities Retirement System’s
Compliance Examination covering the year
ended June 30, 2016 will be issued in a
separate report at a later date.

The System’s total pension liability is
$42.971 billion at June 30, 2016. The net
pension liability at June 30, 2016 is
$25.965 billion, which is the difference
between the System’s fiduciary net
position of $17.006 billion and the total
pension liability. The System’s funded
ratio is 39.57%. 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 material findings of
noncompliance disclosed during our
examination.

AUDITORS' OPINION

Our auditors stated the financial
statements of the State Universities
Retirement System as of June 30, 2016, and
for the year then ended, are fairly stated
in all material respects.

FRANK J. MAUTINO
Auditor General

FJM:TLK

SPECIAL ASSISTANT AUDITORS

Our Special Assistant Auditors for this
audit were BKD LLP.