State Universities Retirement System of the State of Illinois

State Universities Retirement System of the State of Illinois

Auditor's Report and Financial Audit

For the Year Ended June 30, 2018 Performed as Special Assistant Auditors for

the Auditor General, State of Illinois

State Universities Retirement System

of the State of Illinois

Financial Audit For the Year Ended June 30, 2018

Table of Contents

System Officials Financial Statement Report

Summary ............................................................................................................................................ 1 Independent Auditor's Report ............................................................................................................ 2 Management's Discussion and Analysis (Unaudited) ........................................................................ 5 Basic Financial Statements

Statement of Plan Net Position...................................................................................................... 9 Statement of Changes in Plan Net Position ................................................................................. 10 Notes to Financial Statements ..................................................................................................... 11

Required Supplementary Information Schedule of Changes in the Employer Net Pension Liability and Related Ratios (Unaudited) ....... 37 Schedule of Net Pension Liability (Unaudited)................................................................................ 37 Schedule of Investment Returns (Unaudited)................................................................................... 37 Schedule of Contributions from Employers and Other Contributing Entities (Unaudited).............. 38 Notes to Required Supplementary Information (Unaudited)............................................................ 38

Supplementary Financial Information Summary Schedule of Administrative Expenses.............................................................................. 39 Summary Schedule of Consultant Payments .................................................................................... 40 Defined Benefit Plan Summary Schedule of Investment Fees and Administrative Expenses ......... 41

Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards........................................................................................................... 43

Schedule of Findings ........................................................................................................... 45

Prior Findings Not Repeated............................................................................................... 46

State Universities Retirement System

of the State of Illinois

Financial Audit

For the Year Ended June 30, 2018

System Officials Executive Director Chief Financial Officer

Chief Investment Officer General Counsel Director of Internal Audit Chairperson Vice Chairperson Treasurer Board of Trustees

Office Location 1901 Fox Drive Champaign, Illinois 61820

Mr. Martin Noven

Ms. Phyllis Walker (7/1/16 ? 5/31/18) Ms. Tara Myers (1/2/18 ? present)

Mr. Doug Wesley

Ms. Bianca Green

Mr. Steven Hayward

Mr. Tom Cross Mr. John Engstrom Mr. Dennis Cullen Mr. Aaron Ammons Mr. Mark Cozzi Mr. Fred Giertz Mr. Paul Johnson, Jr. (term expired June 2018) Mr. Craig McCrohon (term expired June 2018) Mr. Steven Rock Mr. Collin Van Meter Mr. Antonio Vasquez

State Universities Retirement System

of the State of Illinois

Financial Statement Report Summary For the Year Ended June 30, 2018

Summary The audit of the accompanying financial statements of the State Universities Retirement System of the State of Illinois ("System") was performed by BKD, LLP. Based on their audit, the auditors expressed an unmodified opinion on the System's financial statements.

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BKD

CPAs & Advisors

225 N. Wate r Street, Suite 400 I Decatur. IL 62523-2326 217.429.24 111 Fax 217.429.61091

Independent Auditor's Report

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

Report on the Financial Statements

As Special Assistant Auditors for the Auditor General, we have audited the accompanying Statement of Plan Net Position of the State Universities Retirement System of the State of Illinois (System), as of and for the year ended June 30, 2018, and the related Statement of Changes in Plan Net Position for the year then ended, and the related notes to the financial statements, which collectively comprise the System's financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

Praxib(:: MEMBER ? GlC)Ul ALLIANCE Cf INOE.PtHOENl FIRMS

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