REPORT DIGEST

TEACHERS’ RETIREMENT SYSTEM OF THE STATE
OF ILLINOIS

FINANCIAL AUDIT
FOR THE YEAR ENDED JUNE 30, 2020

Release Date:  January 7, 2020

FINDINGS THIS AUDIT:  0
FINDINGS LAST AUDIT: 0

State of Illinois, Office of the Auditor
General
FRANK J. MAUTINO, 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

INTRODUCTION

This digest covers the Financial Audit of
the Teachers’ Retirement System of the
State of Illinois (System) as of and for
the year ended June 30, 2020.  The
System’s Compliance Examination covering
the year ended June 30, 2020 will be
issued in a separate report at a later
date.

The System’s total pension liability is
$138.5 billion at June 30, 2020, an
increase of $4.1 billion from $134.4
billion at June 30, 2019.  The System’s
net pension liability at June 30, 2020 is
$86.2 billion, which is the difference
between the System’s fiduciary net
position of $52.3 billion and the total
pension liability.  The System’s net
position as a percentage of the total
pension liability is 37.8% at June 30,
2020 as compared to 39.6% at June 30,
2019.  The criteria used for computing
pension liability information in the
financial report  in accordance with GASB
Statement No. 67 differs from the
criteria used to compute the actuarial
accrued liability and actuarial unfunded
liability used for funding purposes,
therefore this information is no longer
reported in the financial statements.
There were no findings reported under
Government Auditing Standards in our
audit.

AUDITOR’S OPINION

The auditors stated the financial
statements of the System as of and for
the year ended June 30, 2020 are fairly
stated in all material respects.

The financial audit was conducted by BKD
LLP.

JANE CLARK
Division Director

This report is transmitted in accordance
with Section 3-14 of the Illinois State
Auditing Act.

FRANK J. MAUTINO
Auditor General

FJM:JAF