REPORT DIGEST

TEACHERS’ RETIREMENT SYSTEM OF
THE STATE OF ILLINOIS

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2016

Release Date:  January 12, 2017

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 Teachers’ Retirement System of
the State of Illinois (System) as of and
for the year ended June 30, 2016. The
Teachers’ 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
$124.2 billion at June 30, 2016, an
increase of $12.3 billion from $111.9
billion at June 30, 2015. The net pension
liability at June 30, 2016 is $78.9
billion, which is the difference between
the System’s fiduciary net position of
$45.3 billion and the total pension
liability. The System’s net position as a
percentage of the total pension liability
is 36.4% at June 30, 2016 as compared to
41.5% at June 30, 2015. 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 used for
funding purposes, therefore this
information is no longer reported in the
financial statements. There were no
findings reported under Government
Auditing Standards in our audit.

AUDITORS’ OPINION

Our auditors stated the financial
statements of the 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:JAF

SPECIAL ASSISTANT AUDITORS

Our Special Assistant Auditors for this
audit were RSM US LLP.