STATE UNIVERSITIES RETIREMENT SYSTEM
For the Year Ended:
State of Illinois
WILLIAM G. HOLLAND
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(217)782-6046 or TDD (217) 524-4646
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Unfunded Liability at June 30, 2002 totals $6,839 million
$659 million decrease in the investment portfolio from June 30, 2002 to November 8, 2002
This digest covers our financial audit of the System for the year ended June 30, 2002. A compliance audit covering the year ending June 30, 2002 will be issued separately.
UNDERFUNDING OF THE SYSTEM
The actuarial accrued liability was valued at $16,654 million at June 30, 2002. The actuarial value of assets (at market) totaled approximately $9,815 million at June 30, 2002. The difference between the liability and the assets of $6,839 million reflects the unfunded liability of the System at June 30, 2002. The State Universities Retirement System had a funded ratio of 58.9% at June 30, 2002.
MARKET VALUE DECLINE
The System had a decline in its investment portfolio subsequent to June 30, 2002. As of November 8, 2002 the System had incurred an approximate $659 million (6.71%) decrease in its investment portfolio since June 30, 2002 due to a continued worldwide economic slowdown.
Our auditors state the June 30, 2002 financial statements of the System are fairly presented in all material respects.
WILLIAM G. HOLLAND, Auditor General
SPECIAL ASSISTANT AUDITORS
BKD, LLP were our special assistant auditors for this audit.