TEACHERS RETIREMENT SYSTEM
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 $10,968 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 will be issued separately.
UNDERFUNDING OF THE SYSTEM
The actuarial accrued liability was valued at $33,206 million at June 30, 1999. The actuarial value of assets (at market) totaled approximately $22,238 million at June 30, 1999. The difference between the liability and the assets of $10,968 million reflects the unfunded liability of the System at June 30, 1999. The Teachers Retirement System had a funded ratio of 67% at June 30, 1999.
Our auditors state that the June 30, 1999 financial statements of the System are fairly presented.
WILLIAM G. HOLLAND, Auditor General
SPECIAL ASSISTANT AUDITORS
Friedman Eisenstein Raemer and Schwartz, LLP were our special assistant auditors for this audit.