REPORT DIGEST

GENERAL ASSEMBLY RETIREMENT SYSTEM

COMPLIANCE AUDIT
For the Year Ended:
June 30, 1998

Summary of Findings:

Total this audit 0
Total last audit 0
Repeated from last audit 0

Release Date:
January 27, 1999


State of Illinois
Office of the Auditor General

WILLIAM G. HOLLAND
AUDITOR GENERAL

Iles Park Plaza
740 E. Ash Street
Springfield, IL 62703
(217) 782-6046

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

INTRODUCTION

This digest covers our compliance audit of the System for the year ended June 30, 1998. A financial audit covering the year ending June 30, 1998 is being 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

McGladrey & Pullen, LLP were our special assistant auditors for this audit.

{Financial Information and Activity Measures are summarized on the reverse page.}

GENERAL ASSEMBLY RETIREMENT SYSTEM
INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS
TWO YEARS ENDED JUNE 30, 1998

FINANCIAL OPERATIONS

FY 1998

FY 1997

REVENUES
Contributions:
Participants
State General Revenue Fund
State Pension Fund
Other

Net investment income
Net appreciation in fair value on investments
Interest earned on cash balances
Total Revenue

EXPENSES
Benefits:

Retirement annuities
Survivors' annuities

Refunds
Administration
Total Expenses




$ 1,224,533
2,852,300
260,700
0

2,008,628
7,677,607
94,580
$ 14,118,348




$ 6,238,415
1,541,027

83,392
227,575
$ 8,090,409




$ 1,285,985
2,520,100
217,900
49,074

2,018,566
6,912,296
90,486
$ 13,094,407




$ 5,912,782
1,456,036

206,666
213,530
$ 7,789,014

SELECTED ACCOUNT BALANCES

JUNE 30, 1998

JUNE 30, 1997

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

$1,643,053
$12,841
$61,160,683
$6,583
$85,570
$62,737,590
$150,408,448
$87,670,858

$2,113,679
$9,625
$54,674,448
$9,028
$97,129
$56,709,651
$143,836,605
$87,126,954

SUPPLEMENTARY INFORMATION

FY 1998

FY 1997

Number of System employees (shared with Judges'
Retirement System)
Number of retirees and beneficiaries currently
receiving benefits
Inactive members not yet receiving benefits
Current Members:
Vested
Nonvested

Total Return on Investments


8

346
113


126
55

18.1%


8

355
113


129
52

18.8%

EXECUTIVE SECRETARY
During Audit Period: Michael L. Mory
Currently: Michael L. Mory