State of Illinois State Universities Retirement System
State of Illinois State Universities Retirement System
Report on Allocation of Pension Amounts As of and For the Year Ended June 30, 2015
Performed as Special Assistant Auditors For the Auditor General, State of Illinois
State of Illinois State Universities Retirement System Report on Allocation of Pension Amounts Year Ended June 30, 2015 Table of Contents
Officials Summary Independent Auditor's Report Schedule of Allocation Schedule of Pension Amounts Notes to the Schedules of Allocation and Pension Amounts
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State of Illinois State Universities Retirement System
Report on Allocation of Pension Amounts Year Ended June 30, 2015
System Officials
Executive Director
Chief Financial Officer
Chief Investment Officer
General Counsel
Director of Internal Audit
Chairperson Vice Chairman Treasurer Board of Trustees
Mr. W. Bryan Lewis
Ms. Phyllis Walker
Mr. Daniel Allen
Ms. Bianca Green
Mr. Steven Hayward
Ms. Lindsay Anderson Mr. Dorinda Miller Mr. John Engstrom Ms. Jacqueline Berger Mr. Dennis Cullen Mr. Richard Figueroa Mr. Paul Johnson Jr Mr. Craig McCrohon Mr. Mitchell Vogel Mr. Antonio Vasquez
State Universities Retirement System's office is located at:
1901 Fox Drive Champaign, IL 61820
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State of Illinois State Universities Retirement System Report on Allocation of Pension Amounts Year Ended June 30, 2015 Summary The audit of the accompanying Schedule of Allocation and Schedule of Pension Amounts (Schedules), of the State of Illinois, State Universities Retirement System (System) was performed by RSM US LLP. Based on their audit, the auditors expressed unmodified opinions on the System's Schedules.
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Independent Auditor's Report
Honorable Frank J. Mautino Auditor General, State of Illinois Springfield, Illinois
Board of Trustees State Universities Retirement System of Illinois Champaign, Illinois
Report on the Schedules
As Special Assistant Auditors for the Auditor General, we have audited the accompanying Schedule of Allocation, of the State Universities Retirement System (System) as of and for the years ended June 30, 2015 and 2014 and the related Notes to the Schedules. We have also audited the total for all entities of the columns titled beginning net pension liability, ending net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total pension expense subject to allocation (specified column totals) included in the accompanying Schedule of Pension Amounts (Schedules) of the System as of and for the year ended June 30, 2015 and the related Notes to the Schedules.
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 an opinion on the Schedule of Allocation and the specified column totals included in the Schedule of Pension Amounts based on our audits. We conducted our audits 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 Allocations and specified column totals included in the Schedule of Pension Amounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Schedule of Allocation and specified column totals included in the Schedule of Pension Amounts. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Schedule of Allocation and specified column totals included in the Schedule of Pension Amounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the Schedule of Allocation and specified column totals included in the Schedule of Pension Amounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the Schedule of Allocation and specified column totals included in the Schedule of Pension Amounts.
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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinions In our opinion, the Schedules referred to above present fairly, in all material respects, the employer allocations as of and for the years ended June 30, 2015 and 2014, and total beginning net pension liability, total ending net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total pension expense for the total of all participating entities for the System as of and for the year ended June 30, 2015, in accordance with accounting principles generally accepted in the United States of America. Other Matter We have audited, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the State Universities Retirement System as of and for the year ended June 30, 2015, and our report thereon, dated December 21, 2015, expressed an unmodified opinion on those financial statements. Restriction on Use Our report is intended solely for the information and use of the Auditor General, the General Assembly, the Legislative Audit Commission, the Governor, the Comptroller, System management, System Board of Trustees, System Employers and their auditors and is not intended to be, and should not be, used by anyone other than these specified parties.
Schaumburg, Illinois April 7, 2016
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State Universities Retirement System
Schedule of Allocation As of and for the Years Ended June 30, 2015 and 2014
Entity
STATE OF ILLINOIS TOTAL
FY 2015 Actual Contribution
$ 1,488,591,489 $ 1,488,591,489
Allocation Percentage
100 % 100 %
FY 2014 Actual Contribution
$ 1,458,965,014 $ 1,458,965,014
Allocation Percentage
100 % 100 %
See Notes to the Schedules.
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State Universities Retirement System
Schedule of Pension Amounts As of and for the Year Ended June 30, 2015 and Beginning Net Pension Liability as of July 1, 2014
Entity STATE OF ILLINOIS
TOTAL
Beginning Net Pension
Liability
$ 21,790,983,139
Ending Net Pension
Liability
Differences Between Expected and Actual Experience
Deferred Outflows of Resources
Changes in
Proportion and
Differences
Net Differences
Between
Between
Contributions
Projected
and
and Actual
Proportionate
Investment
Changes of
Share of
Earnings
Assumptions Contributions
Total Deferred Outflows of Resources
$ 23,756,361,087 $ 27,312,043 $ 593,840,642 $ 609,393,909 $
- $ 1,230,546,594
$ 21,790,983,139
$ 23,756,361,087 $ 27,312,043 $ 593,840,642 $ 609,393,909 $
- $ 1,230,546,594
See Notes to the Schedules.
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