State Board of Administration (SBA) managers have consistently met investment goals for both the Florida Retirement System Pension Plan and Investment Plan, but the SBA's results are average compared to the investment performance of other states. The Pension Plan currently has a funding ratio of 87.9%, and at this time does not have sufficient assets needed to pay current and future expected benefits for participants and their beneficiaries. However, experts generally consider public pension plans with funding ratios at or above 80% to be fiscally sound. The SBA's external manager and brokerage fees are below the average fees paid by other states.
The SBA's three-member board of trustees is smaller than the oversight boards of almost all other states. The SBA has procedures in place for overseeing its investment managers. However, the SBA and the Division of Retirement could improve their reporting on state pension plans by developing a single annual report that provides policymakers with comprehensive financial, investment, actuarial, and statistical information.

During Fiscal Years 2016 Through 2018, Major SBA Fund Returns Exceeded Market-Based Investment Benchmarks Over the Long Term
Report 19-04 March 2019
Over the Long-term, Major SBA Fund Returns Exceeded Market-Based Investment Benchmarks; FRS Pension Fund Multi-Year Performance Similar to Other States.
Report 16-06 November 2016
FRS Pension Plan Investment Returns Are Similar to Other Public Pension Funds; SBA Continues to Increase Alternative Investments
Report 15-05 March 2015
FRS Pension Plan Investment Returns Are Similar to Those of Other States; SBA Is Increasing Alternative Investments
Report 13-05 February 2013

Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.