Office of Program Policy Analysis and Government Accountability
Office of Program Policy Analysis and Government Accountability

During Fiscal Years 2018 through 2020, Major SBA Fund Returns Exceeded Market-Based Investment Benchmarks over the Long Term

Report 21-03, February 2021

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Report Summary

Pursuant to Section 215.44(6), Florida Statutes, OPPAGA examined the State Board of Administration’s (SBA) management of investments for Fiscal Years 2018-19 and 2019-20. Our report’s major conclusions are described below. 

  • For this biennial, almost all SBA investment returns for its five major mandate funds met or exceeded market-based benchmarks over the last 10 years.
  • Florida Retirement System Pension Plan Fund investment returns exceeded the SBA’s overall investment objectives for six of eight periods during a 30-year span.
  • The Pension Plan Fund’s multi-year performances were similar to returns for other states with large pension funds. For example, as of June 30, 2019, Florida’s Pension Plan Fund had a 10-year rate of return of 9.8%, while 11 comparable state pension funds had 10-year return rates ranging from 8.4% to 10.4%.

 

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.
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.
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