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TEACHERS' RETIREMENT SYSTEM of the STATE of ILLINOIS 2815 Wwashlngton St I PO Box 19253 I Springfield IL 62794-9253 Richard W

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TEACHERS' RETIREMENT SYSTEM of the STATE of ILLINOIS 2815 Wwashlngton St I PO Box 19253 I Springfield IL 62794-9253 Richard W Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2017 Performed as Special Assistant Auditors for the Auditor General, State of Illinois Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2017 Table of Contents Schedule Page(s) System Officials 1 Management Assertion Letter 2 Compliance Report Summary 3 Independent Accountant’s Report on State Compliance, on Internal Control over Compliance, and on Supplementary Information for State Compliance Purposes 4 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 8 Schedule of Findings Current Findings – State Compliance 10 Financial Statement Report The System’s financial statement report for the year ended June 30, 2017, which includes the Independent Auditor’s Report, Management Discussion and Analysis, Basic Financial Statements and Notes to the Basic Financial Statements, Required Supplementary Information Other than Management Discussion and Analysis, Supplementary Information, and the Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Basic Financial Statements performed in accordance with Government Auditing Standards has been issued separately. Supplementary Information for State Compliance Purposes Summary 13 Fiscal Schedules and Analysis Schedule of Appropriations, Expenditures and Lapsed Balances 1 15 Comparative Schedules of Net Appropriations, Expenditures and Lapsed Balances 2 17 Comparative Schedule of Revenues and Expenses 3 19 Schedule of Administrative Expenses 4 21 Schedule of Changes in Property and Equipment 5 22 Schedule of Investment Portfolio 6 23 Schedule of Investment Manager Fees 7 24 Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2017 Schedule Page(s) Continued Analysis of Operations (Unaudited) System’s Functions and Planning Program (Unaudited) 31 Progress in Funding the System (Unaudited) 35 Analysis of Revenues and Expenses (Unaudited) 37 Analysis of Administrative Expenses (Unaudited) 38 Analysis of Significant Account Balances (Unaudited) 39 Analysis of Accounts Receivable (Unaudited) 40 Budget Impasse Disclosures (Unaudited) 41 Alternative Financing in Lieu of Appropriations and Programs to Address Untimely Payments to Vendors (Unaudited) 41 Interest Costs on Fiscal Year 2017 Invoices (Unaudited) 41 Locally Held Funds (Unaudited) 41 Rates of Return (Unaudited) 41 Schedule of Investment Commissions (Unaudited) 43 Schedule of Contributions/Deductions and Effect on Investments (Unaudited) 45 Reconciliation Schedule of Cash Receipts to Deposits Remitted to the State Comptroller (Unaudited) 45 Benefit Payments (Unaudited) 46 Member Contributions (Unaudited) 46 Schedule of Changes in Statutory Reserve Accounts (Unaudited) 47 Analysis of Changes in Statutory Reserve Accounts (Unaudited) 47 Average Number of Employees (Unaudited) 48 Selected Activity Measures and Service Efforts and Accomplishments as Reported by System Officials (Unaudited) 49 Investment Listing 8 50 Teachers’ Retirement System of the State of Illinois Compliance Examination June 30, 2017 System Officials Executive Director Richard W. Ingram Chief Investment Officer Stan Rupnik, CFA Chief Financial Officer Jana Bergschneider, CPA Chief Legal Counsel Marcy Dutton, JD Director of Internal Audit Stacy Smith, CPA, CIDA Office Locations Springfield Office 2815 West Washington Street Springfield, Illinois 62702 Lisle Office 4200 Commerce Court, Suite 100 Lisle, Illinois 60532-3611 1 TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS 2815 WWashlngton St I PO Box 19253 I Springfield IL 62794-9253 Richard W. Ingram, Executive Director· [email protected] I http://www.trslLorg 877-927-5877 (877-9-ASK·TRS) I TID:800-52&-0844(or711) I FAX:217-753·0964 March 12, 2018 BKD,LLP Certified Public Accountants 225 North Water Street, Suite 400 Decatur, IL 62523 Ladies and Gentlemen: We are responsible for the identification o~ and compliance with, all aspects of laws, regulations, contracts, or grant agreements that could have a material effect on the operations of the Teachers' Retirement System of Illinois (Teachers' Retirement System). We are responsible for and we have established and maintained an effective sYStem of internal controls over compliance requirements. We have performed an evaluation of the Teachers' Retirement System's compliance with the following assertions during the year ended June 30, 2017. Based on this evaluation, we assert that during the year ended June 30, 2017 the Teachers' Retirement System has materially complied with the assertions below. A. The Teachers' Retirement System has obligated, expended, received and used public funds of the State in accordance with the purpose for which such funds have been appropriated or otherwise authorized by law. B. The Teacher's Retirement System has obligated, expended, received and used public funds of the State in accordance with any limitations, restrictions, conditions or mandatory directions imposed by law upon such obligation, expenditure, receipt or use. C. The Teachers' Retirement System has complied, in all material respects, wlth applicable laws and regulations, including the State uniform accounting system, in its financial and fiscal operations. D. State revenues and receipts collected by the Teachers' Retirement System are in accordance with applicable laws and regulations and the accounting and recordkeeping of such revenues and receipts is fair, accurate and in accordance with law. E. Money or negotiable securities or similar assets handled by the Teachers' Retirement System on behalf of the State or held in trust by the Teachers' Retirement System have been properly and legally administered, and the accounting and recordkeeping relating thereto is proper, accurate and in · accordance with law. Yours very truly, Teachers' Retirement System Qflllinois Richard W. Ingram, Executive Director Jana Bergschneider, ChiefFinancial Officer Marcy Dutton, Chief Legal Counsel TRS is an EEO employer. 2 Compliance Report Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2017 Compliance Report Summary The compliance testing performed during this examination was conducted in accordance with Government Auditing Standards and in accordance with the Illinois State Auditing Act. Accountants’ Reports The Independent Accountants’ Report on State Compliance, on Internal Control over Compliance, and on Supplementary Information for State Compliance Purposes does not contain scope limitations, disclaimers or other significant non-standard language. Summary of Findings Current Prior Number of Report Report Findings 1 1 Repeated findings 1 0 Prior recommendations implemented or not repeated 0 1 Schedule of Findings Item No. Page Description Finding Type Findings (State Compliance) 2017-001 10 Noncompliance with Certain Disclosures Noncompliance Required by the Illinois Pension Code Exit Conference System officials waived a formal exit conference in correspondence dated January 16, 2018. Responses to the recommendations were provided by Jana Bergschneider, Chief Financial Officer, in correspondence dated January 23, 2018. 3 Independent Accountant’s Report on State Compliance, on Internal Control over Compliance, and on Supplementary Information for State Compliance Purposes Honorable Frank J. Mautino Auditor General State of Illinois and The Board of Trustees Teachers’ Retirement System of the State of Illinois Compliance As Special Assistant Auditors for the Auditor General, we have examined the Teachers’ Retirement System of the State of Illinois’ (System) compliance with the requirements listed below, as more fully described in the Audit Guide for Financial Audits and Compliance Attestation Engagements of Illinois State Agencies (Audit Guide) as adopted by the Auditor General, during the year ended June 30, 2017. The management of the System is responsible for compliance with these requirements. Our responsibility is to express an opinion on the System’s compliance based on our examination. A. The System has obligated, expended, received and used public funds of the State in accordance with the purpose for which such funds have been appropriated or otherwise authorized by law. B. The System has obligated, expended, received and used public funds of the State in accordance with any limitations, restrictions, conditions or mandatory directions imposed by law upon such obligation, expenditure, receipt or use. C. The System has complied, in all material respects, with applicable laws and regulations, including the State uniform accounting system, in its financial and fiscal operations. D. State revenues and receipts collected by the System are in accordance with applicable laws and regulations and the accounting and recordkeeping of such revenues and receipts is fair, accurate and in accordance with law. E. Money or negotiable securities or similar assets handled by the System on behalf of the State or held in trust by the System have been properly and legally administered and the accounting and recordkeeping relating thereto is proper, accurate, and in accordance with law. 4 Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public
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