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%.