The State Board of Administration (SBA) is primarily an asset management organization responsible for investing state and local government assets. Established by the state's constitution, its mission is to provide superior investment and trust services while adhering to the highest ethical, fiduciary, and professional standards.
As of March 31, 2021, the board had $241.6 billion under management; the largest fund under supervision is the Florida Retirement System (FRS) Pension Plan Fund, which accounts for 78.1% of the assets managed by SBA. Other major funds include the FRS Investment Plan Fund (5.8%), the Florida Hurricane Catastrophe Fund (5.4%), and the Local Government Surplus Funds (Florida PRIME) Trust Fund (7.5%).
The SBA serves a variety of stakeholders, including school districts, local governments, and the state. The board manages its largest fund for active and retired members of the Florida Retirement System, the majority of whose members are from school districts (48.5%), counties (23.4%), and state government (15.2%). To help public employees make informed financial decisions related to retirement, the SBA operates the MyFRS Financial Guidance Program. This program provides financial and retirement planning services through a variety of media. The program's website provides additional information.
In addition, numerous local governments and school districts participate in the SBA's Florida PRIME, which is designed to maximize short-term earnings for its participants. Moreover, the SBA's Hurricane Catastrophe Fund benefits all Floridians with residential property insurance. Finally, the SBA provides administrative services to the Division of Bond Finance.
The SBA does not receive an annual legislative appropriation. Its operational and administrative expenses are funded through fees derived from its investment management fees.
The SBA's Fiscal Year 2020-21 total operating budget was $54,577,811.35.