STATE UNIVERSITIES RETIREMENT SYSTEM
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
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Unfunded Liability at June 30, 2001 totals $4,162 million
$516 million decrease in the investment portfolio from June 30, 2001 to October 23, 2001
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 will be issued separately.
UNDERFUNDING OF THE SYSTEM
The actuarial accrued liability was valued at $14,915 million at June 30, 2001. The actuarial value of assets (at market) totaled approximately $10,753 million at June 30, 2001. The difference between the liability and the assets of $4,162 million reflects the unfunded liability of the System at June 30, 2001. The State Universities Retirement System had a funded ratio of 72.1% at June 30, 2001.
MARKET VALUE DECLINE
The System had a decline in its investment portfolio subsequent to June 30, 2001. As of October 23, 2001 the System had incurred an approximate $516 million (4.8%) decrease in its investment portfolio since June 30, 2001 due to a continued worldwide economic slowdown.
Our auditors state the June 30, 2001 financial statements of the System are fairly presented in all material respects.
WILLIAM G. HOLLAND, Auditor General
SPECIAL ASSISTANT AUDITORS
Arthur Andersen LLP were our special assistant auditors for this audit.