STATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS
For the Year Ended:
State of Illinois
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, 1999 Totals $1,856 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.
UNDERFUNDING OF THE SYSTEM
The actuarial accrued liability was valued at $12,618 million at June 30, 1999. The actuarial value of assets (at market) totaled approximately $10,762 million at June 30, 1999. The difference between the liability and the assets of $1,856 million reflects the unfunded liability of the System at June 30, 1999. The State Universities Retirement System had a funded ratio of 85.3% at June 30, 1999.
Our auditors state that the June 30, 1999 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.