Illinois Auditor General Issues Report on Teachers’ Health Insurance Security Fund
This digest covers the Financial Audit of the Schedule of Employer Allocations for the
The Department, along with the Teacher' Retirement System (TRS), is the administrator of a cost-sharing, multiple- employer defined benefit postemployment benefit plan. The plan was established to provide health insurance for TRS annuitants and dependent beneficiaries. Certain contributions are statutorily required to be made to the plan by employees, employers and the
Within a cost sharing plan like the Fund, the OPEB obligation to the employees of more than one employer are pooled and Plan assets can be used to pay the benefits of the employees of any employer that is a member of the Plan. Prior to the implementation of GASB Statement 75, the portion of the Plan's liability not covered by assets was not allocated among the employers or State for financial reporting purposes. GASB Statement 75 changed previously followed financial reporting requirements and as a result employers and the State are required to report their portion of the collective OPEB amounts in their GAAP basis financial statements.
Due to employers and the
The Plan's net OPEB liability at
AUDITORS' OPINION
Our auditors stated the Schedule of Employer Allocations for the years ended
This financial audit was conducted by
Jane Clark Division Director
This report is transmitted in accordance with Section 3-14 of the Illinois State Auditing Act.
FRANK J. MAUTINO Auditor General
FJM:SKM
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