The Illinois Auditor General announced that the financial statements for the State Universities Retirement System (SURS) are fairly presented as of June 30, 2024, with no audit findings reported.
According to the Illinois Auditor General, the financial statements for SURS reflect a net pension liability of $30.231 billion, an increase from $29.445 billion in the previous year. The funded ratio stands at 44.6 percent, highlighting ongoing underfunding challenges. Total additions amounted to $4.331 billion, driven by contributions and investment income, while deductions totaled $3.184 billion, primarily for benefits paid.
State Universities Retirement System data shows a funded ratio of 44.6 percent as of June 30, 2024. This contributes to Illinois’ broader pension underfunding issues amid high property taxes and regulatory burdens. The Illinois Policy Institute reports that these factors are driving outmigration, with 95 percent of departing residents moving to lower-tax states, increasing financial pressures on remaining families and businesses and hindering economic growth in the region.
The Equable Institute notes that Illinois public pension systems have a funded ratio of about 52 percent, the lowest in the nation compared to Kentucky at 54 percent and New Jersey at 55 percent. States like South Dakota achieve over 100 percent funding, illustrating significant disparities in pension management and adding to national concerns over public sector retirement sustainability.
The Office of the Illinois Auditor General functions as an independent entity responsible for auditing state agencies, boards, and commissions to ensure accountability and proper resource use. It provides objective reviews to the legislature and public on government operations and finances while promoting transparency in public expenditures.
