TEACHERS’ RETIREMENT SYSTEM
OF THE STATE OF ILLINOIS
For the Year Ended June 30, 2010
Summary of Findings:
Total this audit: 0
Total last audit: 0
Repeated from last audit: 0
Release Date: March 24, 2011
State of Illinois, Office of the Auditor General
WILLIAM G. HOLLAND, AUDITOR GENERAL
To obtain a copy of the Report contact:
Office of the Auditor General, Iles Park Plaza, 740 E. Ash Street, Springfield, IL 62703
(217) 782-6046 or TTY (888) 261-2887
This Report Digest and Full Report are also available on the worldwide web at www.auditor.illinois.gov
This digest covers our compliance examination of the Teachers’ Retirement System (System) for the year ended June 30, 2010. A financial audit covering the year ending June 30, 2010 was previously released on January 12, 2011. There were no findings of noncompliance identified during our testing.
SUBSEQUENT CHANGE IN FUNDING LEGISLATION
In January 2011, the Governor signed Public Act 96-1511 which called for the fiscal year 2011 State required contribution to be recalculated and recertified to reflect the effect of Public Act 96-0889. As required by Public Act 96-1511 the recalculation and recertification are to be performed by April 1, 2011. Public Act 96-0889, signed into law by the Governor in April 2010 made significant changes to the Pension Code providing for reduced benefits to anyone first hired in a position covered by the System on or after January 1, 2011.
The System’s recertified fiscal year 2011 State required contribution is $2,169,198,000 which is $189,243,000 lower than the originally certified fiscal year 2011 State required contribution of $2,358,441,000 submitted in October 2009.
The auditors conducted a compliance attestation examination of the System for the year ended June 30, 2010 as required by the Illinois State Auditing Act. The accountants’ report does not contain any scope limitations, disclaimers or other significant non-standard language.
WILLIAM G. HOLLAND
SPECIAL ASSISTANT AUDITORS
BKD LLP were our Special Assistant Auditors for this engagement.