The following audits of the various state pensions were just released for the current year. Click on the various reports to see the Auditor Generals report. I have supplied the Summary Report for the Teachers’ Pension Program, the largest pension program.
Recently Released Audits
February 16, 2010
- General Assembly Retirement System, State of Illinois – Financial Audit
Summary Report Digest*
Full Report- Judges' Retirement System of Illinois – Financial Audit
Summary Report Digest*
Full Report- State Employees' Retirement System of Illinois – Financial Audit
Summary Report Digest*
Full Report- Teachers' Retirement System of the State of Illinois – Financial Audit
Summary Report Digest*INTRODUCTION---Teachers’ Pension
This digest covers our financial audit of the Teachers’ Retirement System of the State of Illinois (System) for the year ended June 30, 2009. A report on the results of our compliance attestation examination for the year ending June 30, 2009 is being issued separately.
UNDERFUNDING OF THE SYSTEM
The actuarial accrued liability was valued at $73.0 billion at June 30, 2009. The actuarial value of assets (at smoothed value) totaled approximately $38.0 billion at June 30, 2009. The method for determining the actuarial value of assets was changed beginning with the June 30, 2009 valuation. The method was changed from the market value to a smoothed value where the actuarial investment gains or losses for each year are recognized in equal amounts over the ensuing five-year period.
The difference between the actuarial accrued liability and the actuarial value of assets of $35.0 billion reflects the unfunded liability of the System at June 30, 2009. The System had a funded ratio (at smoothed value) of 52.1% at June 30, 2009. When using the market value (valuation method used June 30, 2008) the System would have had a funded ratio of 39.1% at June 30, 2009.
Full Report- State Universities Retirement System – Financial Audit
Summary Report Digest*
Full Report- Illinois State Board of Investment – Financial Audit
Summary Report Digest*
Full Report- Supplemental Digest to Retirement System Audits
Summary Report Digest
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