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Teachers' Retirement System of the State of Illinois 2815 W Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2019 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, 2019 Table of Contents Schedule Page(s) System Officials and Governing Board Members 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 Supplementary Information for State Compliance Purposes Fiscal Schedules and Analysis Schedule of Appropriations, Expenditures and Lapsed Balances 1 13 Comparative Schedules of Net Appropriations, Expenditures and Lapsed Balances 2 15 Comparative Schedule of Revenues and Expenses 3 18 Schedule of Administrative Expenses 4 19 Schedule of Changes in Property and Equipment 5 20 Schedule of Investment Portfolio 6 21 Schedule of Investment Manager and Custodian Fees 7 22 Analysis of Operations (Unaudited) System’s Functions and Planning Program (Unaudited) 30 Progress in Funding the System (Unaudited) 35 Analysis of Revenues and Expenses (Unaudited) 36 Analysis of Administrative Expenses (Unaudited) 38 Analysis of Significant Variations in Assets, Liabilities, and Net Position (Unaudited) 39 Analysis of Accounts Receivable (Unaudited) 40 Locally Held Funds (Unaudited) 40 Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2019 Schedule Page(s) Continued Rates of Return (Unaudited) 41 Schedule of Investment Commissions (Unaudited) 42 Schedule of Contributions/Deductions and Effect on Investments (Unaudited) 44 Reconciliation Schedule of Cash Receipts to Deposits Remitted to the State Comptroller (Unaudited) 44 Benefit Payments (Unaudited) 45 Member Contributions (Unaudited) 45 Schedule of Changes in Statutory Reserve Accounts (Unaudited) 46 Analysis of Changes in Statutory Reserve Accounts (Unaudited) 46 Average Number of Employees (Unaudited) 47 Investment Listing 8 48 Other Reports Issued Under a Separate Cover The Teachers’ Retirement System’s (System) financial statements as of and for the year ended June 30, 2019 have been issued under separate cover. Additionally, the System has issued its Report on Allocation of Pension Amounts under separate cover. The purpose of that report is to provide the audited information necessary to System employers and the State of Illinois to report their proportionate share of the collective pension amounts in their financial statements as required by GASB Statement No. 68. Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2019 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 and Risk Stacy Smith, CPA, CIDA Governing Board Members President Mr. Devon Bruce (January 2020 – Current) Dr. Carmen I. Ayala (March 2019 – January 2020) Dr. Tony Smith (July 2018 – March 2019) Vice President Mr. Mark Bailey Board of Trustees Dr. Carmen I. Ayala Ms. Norma Bellcoff Ms. Marsha Byas Mr. Andrew Hirshman Mr. Matthew Hunt Ms. Maureen Mena Mr. David Miller Ms. Laura Pearl Mr. Fred Peronto Mr. Larry Pfeiffer Mr. Doug Strand Office Locations Springfield Office 2815 West Washington Street Springfield, Illinois 62794 Lisle Office 4200 Commerce Court, Suite 100 Lisle, Illinois 60532-3611 1 TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS 2815 W. Washington St, l P.O. Box 19253 I Springfield, IL 62794-9253 877-927-5877 (877-9-ASK-TRS) I TTD: 800-526-0844 (or 711) I FAX: 217-753-0964 [email protected] I https://www.trsil.org Richard W. Ingram, Executive Director March 11, 2020 BKD, LLP Certified Public Accountants 225 North Water Street, Suite 400 Decatur, IL 62523 Ladies and Gentlemen: We are responsible for the identification of, 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 perfonned an evaluation of the Teachers' Retirement System's compliance with the following specified requirements during the year ended June 30, 2019. Based on this evaluation, we assert that during the year ended June 30, 2019, the Teachers' Retirement System has materially complied with the specified requirements listed 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, with applicable laws and regulations, including the State unifonn 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 truly, Teachers' Retirement System of Illinois SIGNED ORIGINAL ON FILE Richard W. Ingram, Executive Director SIGNED ORIGINAL ON FILE Jana Bergschneider, Chief Financial Officer SIGNED ORIGINAL ON FILE 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, 2019 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 1 Prior recommendations implemented or not repeated 0 0 Schedule of Findings Last Item No. Page Reported Description Finding Type Findings (State Compliance) 2019-001 10 2018 Noncompliance with Certain Disclosures Noncompliance Required by the Illinois Pension Code Exit Conference The System waived an exit conference in a correspondence from Jana Bergschneider, Chief Financial Officer, on January 9, 2020. The response to the recommendation was provided by Deron Bertolo, Director of Finance, in correspondence dated January 13, 2020. 3 BKD 225 N. Water Stre et, Suite 400 I Decatur, IL 62523-2326 CPAs & Advisors 217 .429.24111 Fax 217 .429.61091 bkd.corn 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 compliance by the Teachers’ Retirement System of the State of Illinois (System) with the specified 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, 2019. Management of the System is responsible for compliance with the specified requirements. Our responsibility is to express an opinion on the System’s compliance with the specified requirements based on our examination. The specified requirements are: 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
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