REPORT DIGEST

GENERAL ASSEMBLY RETIREMENT SYSTEM
COMPLIANCE AUDIT

For the Year Ended:
June 30, 1999

Summary of Findings:

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

Release Date:

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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, 1999. A financial audit covering the year ending June 30, 1999 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

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

INFORMATION FROM FINANCIAL AND COMPLIANCE AUDITS

TWO YEARS ENDED JUNE 30, 1999

FINANCIAL OPERATIONS

FY 1999

FY 1998

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

 

$ 1,413,676

3,097,300

494,718

107,740

1,724,874

5,868,376

90,384

$ 12,797,068

 

$ 6,742,033

1,591,631

129,369

239,117

$ 8,702,150

 

$ 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

SELECTED ACCOUNT BALANCES

JUNE 30, 1999

JUNE 30, 1998

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

$1,657,356

$11,792

$65,253,933

$5,632

$96,205

$66,832,508

$160,870,755

$94,038,247

$1,643,053

$12,841

$61,160,683

$6,583

$85,570

$62,737,590

$150,408,448

$87,670,858

SUPPLEMENTARY INFORMATION

FY 1999

FY 1998

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

354

118

132

49

12.9%

8

346

113

126

55

18.1%

EXECUTIVE SECRETARY
During Audit Period: Michael L. Mory

Currently: Michael L. Mory