REPORT DIGEST

JUDGES’ RETIREMENT SYSTEM OF ILLINOIS

COMPLIANCE AUDIT

For the Year Ended:
June 30, 2001

Summary of Findings:

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

Release Date:
February 28, 2002

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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, 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.}

JUDGES’ 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

$ 12,291,097

24,348,926

$ 36,640,023

10,031,772

(38,952,390)

455,742

$ 8,175,147

$ 37,509,685

10,821,137

$ 48,330,822

633,610

410,854

$ 49,375,286

$(41,200,139)

$12,005,415

21,411,577

$33,416,992

9,543,171

34,879,225

426,053

$78,265,441

$34,078,117

10,140,631

$44,218,748

498,183

376,713

$45,093,644

$33,171,797

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)

$ 414,758,248

(13,200,000)

$ 401,558,248

10,939,200

(907,428)

$ 10,031,772

13,324,668

(52,277,058)

$ (38,952,390)

$ (28,920,618)

$ 372,637,630

$382,235,852

(11,900,000)

$370,335,852

10,480,075

(936,904)

$ 9,543,171

44,569,530

(9,690,305)

$ 34,879,225

$ 44,422,396

$414,758,248

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

$ 8,529,516

613,324

372,637,630

4,306

(51,195)

$ 381,733,581

$(937,091,513)

$(555,357,932)

$ 7,752,714

476,829

414,758,248

6,739

(60,810)

$ 422,933,720

$(871,153,418)

$(448,219,698)

SUPPLEMENTARY INFORMATION

FY 2001

FY 2000

Number of System employees

Retirees and beneficiaries currently receiving benefits

Total members

Total active members

Total return on Investments

8

822

949

910

(7.1)%

8

784

951

908

11.8%

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