By DOUG FINKE (doug.finke@sj-r.com)
Audits of the five state-funded systems released Wednesday show the net assets of the systems dropped by nearly $1.5 billion during the budget year that ended June 30, 2012.
The systems still had assets of nearly $62 billion at the end of the 2012 fiscal year.
The systems’ 2012 performance were a reversal from fiscal 2011, when their investment income was higher.
“What this points out is the unpredictability and volatility of the economy,” said Dave Urbanek, spokesman for the Teachers’ Retirement System, the larges
Overall, auditors said, the systems ended the 2012 fiscal year with a 39 percent funding ratio. That was down from 43.3 percent the year before.
The best-funded of the systems was the State University Retirement System at 41.3 percent. The worst was the General Assembly Retirement System at 17.5 percent.
t of the retirement systems.
CLICK ON THE FOLLOWING FOR MORE DETAILS;Assets of state pension systems sag - Springfield, IL - The State Journal-Register
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