State Audits Highlight Problems in Retirement Systems

By: 23 Newsroom
By: 23 Newsroom

Illinois' auditor general says the State Employees' Retirement System did not undergo required internal audits in 2002 and 2003.

Auditor William Holland also reported Thursday that both the state employees' pension system and the State Universities Retirement System had employees involved both in day-to-day monetary operations and auditing those functions.

The agencies told Holland that job shuffling and a statewide early retirement program forced remaining staff members to double up job duties.

Robert Knox of the state employees' system says audits weren't done because a newly hired auditor was still learning the system.

The universities system also had a $264,000 difference between its books and bank balance. Administrator James Hacking says money was not lost but recorded improperly on paper.


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