REPORT DIGEST TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS FINANCIAL AUDIT FOR THE YEAR ENDED JUNE 30, 2020 Release Date: January 7, 2020 FINDINGS THIS AUDIT: 0 FINDINGS LAST AUDIT: 0 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 Audit of the Teachers’ Retirement System of the State of Illinois (System) as of and for the year ended June 30, 2020. The System’s Compliance Examination covering the year ended June 30, 2020 will be issued in a separate report at a later date. The System’s total pension liability is $138.5 billion at June 30, 2020, an increase of $4.1 billion from $134.4 billion at June 30, 2019. The System’s net pension liability at June 30, 2020 is $86.2 billion, which is the difference between the System’s fiduciary net position of $52.3 billion and the total pension liability. The System’s net position as a percentage of the total pension liability is 37.8% at June 30, 2020 as compared to 39.6% at June 30, 2019. 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. AUDITOR’S OPINION The auditors stated the financial statements of the System as of and for the year ended June 30, 2020 are fairly stated in all material respects. The financial audit was conducted by BKD 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:JAF