REPORT DIGEST

STATE UNIVERSITIES RETIREMENT SYSTEM

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2024

Release Date:  January 9, 2025

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, 400 West
Monroe, Suite 306, Springfield, IL
62704-9849
(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, 2024.

The System’s total pension liability was
$54.571 billion at June 30, 2024.  The net
pension liability at June 30, 2024, was
$30,231 billion, which is the difference
between the System’s fiduciary net position
of $24.340 billion and the total pension
liability.  The System’s funded ratio was
44.6%.  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(S)

The auditors stated the financial statements
of the System as of and for the year ended
June 30, 2024 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:TLK