Public Accountability Report

The year-over-year increase in portfolio net asset value for the year ended June 30, 2021 primarily resulted from the investment income and appreciation throughout the year. Additionally, member systems' withdrawals decreased in the current year to $69.7 million compared with $226.8 million in fiscal year 2020. Withdrawals are determined by the member systems and trust fund based on the State of Illinois’ funding and the member systems’ benefit payment needs and trust fund requirements. The increase in administrative expenses for fiscal year 2021 compared to fiscal year 2020 is primarily due to an increase in investment management fees, driven by significant portfolio asset value increases realized throughout the year.