REPORT DIGEST

STATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS

FINANCIAL AUDIT

For the Year Ended:
June 30, 1999

Release Date:

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State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

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

SYNOPSIS

 
  • The unfunded liability of the System was $1,856 million at June 30, 1999. The System’s funded ratio at that date was 85.3%.

 

 

 

 

 

 

 

Unfunded Liability at June 30, 1999 Totals $1,856 million

 

INTRODUCTION

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.

 

UNDERFUNDING OF THE SYSTEM

The actuarial accrued liability was valued at $12,618 million at June 30, 1999. The actuarial value of assets (at market) totaled approximately $10,762 million at June 30, 1999. The difference between the liability and the assets of $1,856 million reflects the unfunded liability of the System at June 30, 1999. The State Universities Retirement System had a funded ratio of 85.3% at June 30, 1999.

 

AUDITORS' OPINION

Our auditors state that the June 30, 1999 financial statements of the System are fairly presented in all material respects.

 

 

_____________________________________

WILLIAM G. HOLLAND, Auditor General

 

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SPECIAL ASSISTANT AUDITORS

Arthur Andersen LLP were our special assistant auditors for this audit.