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REPORT DIGEST JUDGES’ RETIREMENT SYSTEM OF ILLINOIS
COMPLIANCE
EXAMINATION For the Year Ended: June 30, 2007 Summary of Findings: Total this year -Financial Audit 1* -Compliance Examination 0 Total last year -Financial Audit 0* -Compliance Examination 0 Repeated from last year -Financial Audit 0* -Compliance Examination 0 * Financial audit previously
released Release Date: April 30, 2008
State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL
To obtain a copy of the
Report contact: Office of the Auditor
General Iles Park Plaza 740 E. Ash Street Springfield, IL 62703 (217) 782-6046 or TTY (888) 261-2887 This Report Digest and the
Full Report are also available on the worldwide web at http://www.auditor.illinois.gov |
INTRODUCTION This
digest covers our compliance attestation examination of the Judges’
Retirement System of Illinois (System) for the year ended June 30, 2007. A
financial audit covering the year ending June 30, 2007 was previously
released on March 4, 2008. The
financial audit report contained one finding relating to a significant
deficiency in the design of the System’s internal control. It should be noted that, pursuant to the Illinois Pension
Code, investments of the System are managed by the Illinois State Board of
Investment. FUNDING LEGISLATION
In June 2005, Public Act 94-0004 became
law. This legislation further
modified the funding plan of the System by reducing the amount of required
employer (State) contributions for fiscal year 2006 and 2007 that would have
otherwise been required under the previous funding legislation. The State contributions will be higher in
future years to make up for the two-year funding reduction.
ACCOUNTANTS’ REPORT We conducted a compliance attestation
examination of the System for the year ended June 30, 2007 as required by the
Illinois State Auditing Act. The accountants’ report does not contain any
scope limitations, disclosures or other significant non-standard language. _____________________________________ WILLIAM
G. HOLLAND, Auditor General WGH:RPU:pp SPECIAL ASSISTANT AUDITORS
McGladrey & Pullen LLP were our special assistant auditors for this engagement. {Financial Data and Supplementary Information are summarized on the reverse page.} |
COMPLIANCE
EXAMINATION
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OPERATING STATEMENT ANALYSIS |
FY 2007 |
FY 2006 |
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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............................................................ Revenues over expenses..................................................... |
$ 14,152,973 35,236,800 $ 49,389,773 14,742,583 82,846,751
568,347 $147,547,454 $ 60,911,363 14,704,503 $ 75,615,866 620,577 454,210 $ 76,690,653 $
70,856,801 |
$ 13,833,096 29,337,911 $ 43,171,007 14,434,078 46,320,241 575,354 $104,500,680 $ 54,553,869 14,443,234 $ 68,997,103 821,637 447,238 $ 70,265,978 $
34,234,702 |
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FY 2007
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FY 2006
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$ 582,604,390 (22,000,000) $ 560,604,390
16,856,427 (2,113,844) $ 14,742,583 44,102,554 38,744,197 $ 82,846,751 $ 97,589,334 $658,193,724 |
$550,350,071 (28,500,000) $521,850,071
15,985,693 (1,551,615) $ 14,434,078 39,890,971 6,429,270 $ 46,320,241 $ 60,754,319 $582,604,390 |
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iNVESTMENTS USED FOR Benefits and Expenses |
FY 2007 |
FY 2006 |
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Appropriations & other ....................................
Total Contributions (5)................................. DEDUCTIONS:
Benefits....................................................................... Refunds.................................................................... Administration........................................................ Total Deductions (6)...................................... Investments used to Pay
Benefits and Expenses (5)-(6) ........................ |
$
14,152,973 35,236,800 $ 49,389,773 $ 75,615,866 620,577 454,210 $ 76,690,653 $(27,300,880) |
$ 13,833,096 29,337,911 $ 43,171,007 $ 68,997,103 821,637 447,238 $ 70,265,978 $(27,094,971) |
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SUPPLEMENTARY
INFORMATION |
FY 2007
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FY 2006
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Number of System
employees...................................................................... Retirees and beneficiaries receiving benefits
(unaudited)....................... Total members (unaudited)............................................................................ Total
active members (unaudited)............................................................... Total
return on investments (unaudited)................................................... |
6 946 990 957 17.1% |
6 912 947 917 11.0% |
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EXECUTIVE SECRETARY |
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During
Audit Period: Timothy B. Blair, Acting Currently: Timothy B. Blair, Acting |
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