Teachers’ Retirement System of the State of Illinois (A Component Unit ...

Teachers' Retirement System of the State of Illinois

(A Component Unit of the State of Illinois)

Independent Auditor's Report on Allocation of Pension Amounts

For the Year Ended June 30, 2021

Performed as Special Assistant Auditors for the Auditor General, State of Illinois

Teachers' Retirement System of the State of Illinois

(A Component Unit of the State of Illinois)

Report on Allocation of Pension Amounts For the Year Ended June 30, 2021

Table of Contents

System Officials

Pension Schedules Report Summary Independent Auditor's Report Schedule of Employer Allocations Schedule of Pension Amounts by Employer Notes to the Schedules of Employer Allocations and Pension Amounts by Employer

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Teachers' Retirement System

of the State of Illinois (A Component Unit of the State of Illinois)

Report on Allocation of Pension Amounts

For the Year Ended June 30, 2021

System Officials Executive Director (6/26/21 ? Present) Acting Executive Director (8/4/20 ? 6/25/21) Executive Director (7/1/20 ? 8/3/20)

Chief Investment Officer

Chief Financial Officer (7/3/20 ? Present) Chief Financial Officer (7/1/20 ? 7/2/20)

Chief Legal Counsel (11/16/21 ? Present) Chief Legal Counsel (9/12/20 ? 11/15/21) Chief Legal Counsel (7/1/20 ? 9/11/20)

Director of Internal Audit and Risk

Governing Board Members President (8/10/21 ? Present) President (7/1/20 ? 8/6/21)

Vice President (7/15/21 ? Present) Vice President (7/1/20 ? 7/14/21)

Board of Trustee Board of Trustee Board of Trustee Board of Trustee Board of Trustee Board of Trustee Board of Trustee Board of Trustee Board of Trustee Board of Trustee Board of Trustee (7/15/20 ? Present) Board of Trustee (7/27/20 ? 7/19/21) Board of Trustee (3/26/21 ? Present) Board of Trustee (7/15/21 ? Present) Board of Trustee (9/14/21 ? Present)

Office Locations Springfield Office 2815 West Washington Street Springfield, Illinois 62794

Lisle Office 4200 Commerce Court, Suite 100 Lisle, Illinois 60532-3611

Stan Rupnik, CFA Stan Rupnik, CFA Richard W. Ingram

Stan Rupnik, CFA

Deron Bertolo Jana Bergschneider, CPA

Emily Peterson Vacant Marcy Dutton, JD

Stacy Smith, CPA, CIDA

Mr. Matthew Hunt Mr. Devon Bruce

Mr. Andrew Hirshman Mr. Mark Bailey

Dr. Carmen I. Ayala Ms. Norma Bellcoff Ms. Marsha Byas Ms. Maureen Mena Mr. David Miller Mr. Fred Peronto Mr. Larry Pfeiffer Mr. Doug Strand Mr. Matthew Hunt Mr. Andrew Hirshman Ms. Beth Anderson Mr. Matthew Shattock Ms. Maria Jazo-Harris Mr. Joseph Blomquist Mr. Kevin Blackburn

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Teachers' Retirement System of the State of Illinois

(A Component Unit of the State of Illinois)

Report on Allocation of Pension Amounts For the Year Ended June 30, 2021

Summary The audit of the accompanying Schedule of Employer Allocations, Schedule of Pension Amounts by Employer (Schedules) and the related Notes to the Schedules of the Teachers' Retirement System of the State of Illinois (System) was performed by BKD, LLP. Based on their audit, the auditors expressed unmodified opinions on the System's Schedule of Employer Allocations and the specified column totals included in the Schedule of Pension Amounts by Employer.

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BKD

CPAs & Advisors

225 N. Water Street, Suite 400 I Decatur, IL 62523-2326 217.429.2411 I Fax 217.429.6109 I

Independent Auditor's Report

Honorable Frank J. Mautino Auditor General, State of Illinois State of Illinois and The Board of Trustees Teachers' Retirement System of the State of Illinois

Report on the Schedules

As Special Assistant Auditors for the Auditor General, we have audited the accompanying schedule of employer allocations of the Teachers' Retirement System of the State of Illinois (System), a component unit of the State of Illinois, as of and for the years ended June 30, 2021 and 2020, and the related notes. We have also audited the total for all entities of the columns titled beginning net pension liability as of July 1, 2020 and the ending net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total employer pension expense (specified column totals) included in the accompanying schedule of pension amounts by employer of the System as of and for the year ended June 30, 2021 and the related notes.

Management's Responsibility for the Schedules

Management is responsible for the preparation and fair presentation of these schedules in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedules that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express opinions on the schedule of employer allocations and the specified column totals included in the schedule of pension amounts by employer based on our audits. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the schedule of employer allocations and specified column totals included in the schedule of pension amounts by employer are free from material misstatement.

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