In the two years since OPPAGA’s last review, State Board of Administration (SBA) investment returns for most major investment funds met or exceeded market-based investment benchmarks. During this time, the SBA’s 5-year and 10-year returns for major investment funds also exceeded benchmarks.

Florida Retirement System Pension Plan investment returns met or exceeded the board’s overall investment objective for four of the five periods OPPAGA examined during a 30-year span. In addition, the fund’s multi-year performances were similar to returns for other states with large pension funds. For example, as of June 30, 2021, the Pension Plan had a 10-year return of 9.3%, while nine comparable state pension funds had 10-year returns ranging from 7.7% to 10%.

The SBA’s operating and investment management costs increased from Fiscal Year 2020-21 to Fiscal Year 2021-22. To reduce investment management costs, the SBA reports that it negotiated lower fees and various discounts. For example, the SBA renegotiated global equity investment manager fee schedules for an annual savings of $1.8 million and negotiated lower fees for strategic investments, with discounts ranging from 25 to 50 basis points off the standard rate.

State Board of Administration Management of Major Investment Funds: 2025
Report 25-03 April 2025

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.