As of June 30, 2024, State Board of Administration (SBA) investment returns met most market-based investment benchmarks and investment objectives. However, the Florida Retirement System (FRS) Pension Plan and the FRS Investment Plan did not meet 1-year benchmarks and the FRS Investment Plan did not meet
3-year benchmarks. Further, the FRS Pension Plan did not meet the 25-year long-term objective.
The SBA’s major investment funds gained $27.2 billion in market value since OPPAGA’s last review in 2023. The majority of gains, $18.3 billion, were in the FRS Pension Plan and are attributable to positive investment returns.
The SBA undertook several actions to implement recent legislation. For example, Ch. 2024-187, Laws of Florida, prohibited the SBA from acquiring direct holdings in Chinese companies. In response, the SBA identified 547 companies that were determined to be majority-owned by China. The SBA reported that the September 2025 deadline to divest should provide sufficient time to comply with the legislation and eliminate the board’s long-term exposure to China, which was approximately 1.4% as of July 2024.
Since OPPAGA’s 2023 review, the SBA’s budget for major investment funds increased by $14.9 million, with 15 additional full-time positions created. In addition, SBA investment management costs increased 2.0% ($15.1 million) for major investment funds.

Major SBA Funds Generally Met or Exceeded Market-Based Investment Benchmarks
Report 23-03 February 2023
During Fiscal Years 2018 through 2020, Major SBA Fund Returns Exceeded Market-Based Investment Benchmarks over the Long Term
Report 21-03 February 2021
During Fiscal Years 2016 Through 2018, Major SBA Fund Returns Exceeded Market-Based Investment Benchmarks Over the Long Term
Report 19-04 March 2019

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.