The Illinois Office of the Auditor General announced the release of a financial audit digest for the State Universities Retirement System for the fiscal year ended June 30, 2025, reporting no audit findings and concluding the system’s financial statements were fairly stated in all material respects.
According to the audit digest, which covers the financial statement audit for the year ended June 30, 2025, and was released on January 13, 2026, there were no issues found in either the current or prior audits. The report states that the system’s financial statements were “fairly stated in all material respects.” The audit was conducted by RSM US LLP and submitted under Section 3-14 of the Illinois State Auditing Act.
As of June 30, 2025, the State Universities Retirement System reported a total pension liability of $55.372 billion and a fiduciary net position of $25.183 billion, resulting in a net pension liability of $30.189 billion. The funded ratio was listed at 45.48%. It is noted that pension liability figures for financial reporting under Governmental Accounting Standards Board (GASB) Statement No. 67 differ from those used under the state’s funding plan; thus, actuarial metrics from the state plan are not included in these financial statements.
For fiscal year 2025, contributions amounted to $2.53 billion and net investment income was $1.61 billion, totaling approximately $4.14 billion in additions. Total deductions were $3.30 billion, primarily due to benefits payments of $3.19 billion, leaving a net increase of $842.4 million. By year-end, the system’s investment portfolio was valued at $24.82 billion with equities ($8.37 billion) and alternative investments ($7.58 billion) as major categories.
The State Universities Retirement System offers a defined benefit pension plan as detailed in this audit digest for fiscal year 2025. Suzanne Mayer served as agency director during this period and continues in her role currently. As of June 30, 2025, membership totaled 230,463 individuals including benefit recipients (73,937), active members (63,788), and inactive members (92,738). The digest emphasizes audited financial data and selected schedules over broader background or mission information.
The Illinois Office of the Auditor General functions as an independent oversight office responsible for auditing financial statements, compliance measures, and operations across Illinois state agencies including universities and retirement systems among others. It serves the Illinois General Assembly by providing objective analyses aimed at promoting accountability and transparency while ensuring lawful use of public funds through reports issued under the Illinois State Auditing Act.
