REPORT DIGEST

TEACHERS’ RETIREMENT SYSTEM

OF THE STATE OF ILLINOIS

FINANCIAL AUDIT

For the Year Ended:

June 30, 2000

Release Date:
February 14, 2001

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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 $11,405 million at June 30, 2000. The System’s funded ratio at that date was 68.2%.

 

 

 

 

 

 

 

 

 

 

 

 

Unfunded Liability at June 30, 2000 Totals $11,405 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTRODUCTION

This digest covers our financial audit of the System for the year ended June 30, 2000. A compliance audit covering the year ending June 30, 2000 will be issued separately.

UNDERFUNDING OF THE SYSTEM

The actuarial accrued liability was valued at $35,886 million at June 30, 2000. The actuarial value of assets (at market) totaled approximately $24,481 million at June 30, 2000. The difference between the liability and the assets of $11,405 million reflects the unfunded liability of the System at June 30, 2000. The Teachers’ Retirement System had a funded ratio of 68.2% at June 30, 2000.

AUDITORS' OPINION

Our auditors state that the June 30, 2000 financial statements of the System are fairly presented in all material respects.

 

 

 

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WILLIAM G. HOLLAND, Auditor General

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SPECIAL ASSISTANT AUDITORS

Friedman Eisenstein Raemer and Schwartz, LLP were our special assistant auditors for this audit.