REPORT DIGEST GENERAL ASSEMBLY RETIREMENT SYSTEM COMPLIANCE AUDIT For the Year Ended: Summary of Findings: Total this audit 0 Release Date: State of Illinois WILLIAM G. HOLLAND AUDITOR GENERAL Iles Park Plaza (217)782-6046 To obtain a copy of the Report contact: (217)782-6046 or TDD (217) 524-4646 This Report Digest is also available on |
INTRODUCTION This digest covers our compliance audit of the System for the year ended June 30, 2001. A financial audit covering the year ending June 30, 2001 was issued separately. It should be noted that, pursuant to the Illinois Pension Code, investments of the System are managed by the Illinois State Board of Investment. There were no material findings of noncompliance disclosed during our audit tests. We commend the System for maintaining effective fiscal controls.
_____________________________________ WILLIAM G. HOLLAND, Auditor General WGH:RPU:pp
SPECIAL ASSISTANT AUDITORS Thomas Havey LLP were our special assistant auditors for this audit.
{Financial Information and Activity Measures are summarized on the reverse page.} |
GENERAL ASSEMBLY RETIREMENT SYSTEM OF ILLINOIS
INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS
TWO YEARS ENDED JUNE 30, 2001
OPERATING STATEMENT ANALYSIS | FY 2001 |
FY 2000 |
REVENUES: Contributions Participants Contributions appropriations & other Total Contributions Net investment income Net appreciation in fair value of investments Interest earned on cash balances Total Revenue EXPENSES: Benefits - Retirement annuities Benefits - Survivors' annuities Total Benefits Refunds Administration Total Expenses Excess (deficiency) of revenues over expenses |
$ 1,407,638 4,311,909 $ 5,719,547 1,642,488 (6,396,149) 102,744 $ 1,068,630 $ 7,505,092 1,722,868 $ 9,227,960 37,824 276,443 $ 9,542,227 $(8,473,597) |
$ 1,317,542 3,951,000 $ 5,268,542 1,603,495 5,859,238 98,951 $12,830,226 $ 7,186,818 1,653,864 $ 8,840,682 97,593 253,015 $ 9,191,290 $ 3,638,936 |
ANALYSIS OF PLAN INVESTMENTS | FY 2001 |
FY 2000 |
Balance at beginning of year, at
fair value Net cash (withdrawn) from investments Net investments (1) Investment income interest, dividends and other Investment expenses Net Investment income (2) Net realized gain on sale of investments Net unrealized (loss) on investments Net appreciation in fair value of investments (3) Total net investment income (loss) (4), (2) + (3)Balance at end of year, at fair value (1) + (4) |
$ 68,916,666 (3,700,000) $ 65,216,666 1,790,900 (148,412) $ 1,642,488 2,210,936 (8,607,085) $(6,396,149) $(4,753,661) $ 60,463,005 |
$65,253,933 (3,800,000) $61,453,933 1,760,762 (157,267) $ 1,603,495 7,506,635 (1,647,397) $ 5,859,238 $ 7,462,733 $68,916,666 |
SELECTED ACCOUNT BALANCES | JUNE 30, 2001 |
JUNE 30, 2000 |
Cash Receivables Investments, at fair value Property and equipment, net of accumulated depreciation Liabilities Net Assets Held in Trust for Benefits Actuarial Accrued Liability Unfunded Liability |
$ 1,632,080 19,546 60,463,005 2,833 (119,617) $61,997,847 $(177,546,144) $(115,548,297) |
$ 1,638,076 9,721 68,916,666 4,315 (97,334) $ 70,471,444 $(169,362,915) $ (98,891,471) |
SUPPLEMENTARY INFORMATION | FY 2001 |
FY 2000 |
Retirees and beneficiaries
currently receiving benefits Total members Total active members Total return on Investments |
351 292 181 (7.1)% |
349 291 181 11.8% |
EXECUTIVE SECRETARY | ||
During Audit Period: Michael
L. Mory Currently: Michael L. Mory |