For the Year Ended:
June 30, 2001
State of Illinois
Office of the Auditor General
WILLIAM G. HOLLAND
To obtain a copy of the Report contact:
(217)782-6046 or TDD (217) 524-4646
This Report Digest is also available on
Unfunded Liability at June 30, 2001 Totals $555 million
This digest covers our financial audit of the System for the year ended June 30, 2001. A compliance audit covering the year ending June 30, 2001 is being issued separately.
The System shares administrative staff and common administrative expenses with the General Assembly Retirement System (GARS). The GARS reimburses the System for 40 percent of the administrative costs incurred.
It should be noted that, pursuant to the Illinois Pension Code, the Illinois State Board of Investment manages the investments of the System.
UNDERFUNDING OF THE SYSTEM
The actuarial accrued liability was valued at $937 million at June 30, 2001. The actuarial value of assets (at market) totaled approximately $382 million at June 30, 2001. The difference between the liability and the assets of $555 million reflects the unfunded liability of the System at June 30, 2001. The Judges Retirement System had a funded ratio of 40.7% at June 30, 2001.
Our auditors state that the June 30, 2001 financial statements of the System are fairly presented.
WILLIAM G. HOLLAND, Auditor General
SPECIAL ASSISTANT AUDITORS
Thomas Havey LLP were our special assistant auditors for this audit.