TEACHERS RETIREMENT SYSTEM
OF THE STATE OF ILLINOIS
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
This Report Digest is also available on
Unfunded Liability at June 30, 2001 totals $15,851 million
$1,418 million decrease in the investment portfolio from June 30, 2001 to September 30, 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 $39,167 million at June 30, 2001. The actuarial value of assets (at market) totaled approximately $23,316 million at June 30, 2001. The difference between the liability and the assets of $15,851 million reflects the unfunded liability of the System at June 30, 2001. The Teachers Retirement System had a funded ratio of 59.5% at June 30, 2001.
MARKET VALUE DECLINE
The System had a decline in its investment portfolio subsequent to June 30, 2001. As of September 30, 2001 the System had incurred an approximate $1,418 million (5.8%) decrease in its investment portfolio since June 30, 2001 due to declines in the domestic and international equity markets.
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
McGladrey & Pullen LLP were our special assistant auditors for this audit.