WILLIAM G. HOLLAND
Iles Park Plaza
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|Unfunded Liability at June 30, 1998 Totals $87.7 million||
This digest covers our financial audit of the System for the year ended June 30, 1998. A compliance audit covering the year ending June 30, 1998 is being issued separately.
The System shares administrative staff and common administrative expenses with the Judges' Retirement System (JRS). The System reimburses the JRS for 40 percent of the administrative costs incurred.
It should be noted that, pursuant to the Illinois Pension Code, investments of the System are managed by the Illinois State Board of Investment.
UNDERFUNDING OF THE SYSTEM
The actuarial accrued liability was valued at $150.4 million at June 30, 1998. The actuarial value of assets (at market) totaled approximately $62.7 million at June 30, 1998. The difference between the liability and the assets of $87.7 million reflects the unfunded liability of the System at June 30, 1998. The General Assembly Retirement System had a funded ratio of 41.7% at June 30, 1998.
Our auditors state that the June 30, 1998 financial statements of the System are fairly presented.
SPECIAL ASSISTANT AUDITORS
McGladrey & Pullen, LLP were our special assistant auditors for this audit.