For the Year Ended:
State of Illinois
WILLIAM G. HOLLAND
Iles Park Plaza
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, 1999 Totals $2,012 million
This digest covers our financial audit of the System for the year ended June 30, 1999. A compliance audit covering the year ending June 30, 1999 is being issued separately.
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 $9,998 million at June 30, 1999. The actuarial value of assets (at market) totaled approximately $7,986 million at June 30, 1999. The difference between the liability and the assets of $2,012 million reflects the unfunded liability of the System at June 30, 1999. The State Employees Retirement System had a funded ratio of 79.9% at June 30, 1999.
Our auditors state that the June 30, 1999 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.