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

State Board of Administration of Florida

For assistance, call 850-413-1254 or visit

What is the purpose of the State Board of Administration of Florida?

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 June 30, 2022, the board had $228.0 billion under management; the largest fund under supervision is the Florida Retirement System (FRS) Pension Plan Fund ($180.0 million). Other major funds include the FRS Investment Plan Fund ($12.8 million), the Florida Hurricane Catastrophe Fund ($12.4 million), and the Local Government Surplus Funds (Florida PRIME) Trust Fund ($17.7 million).

How does the SBA operate?

As required by law, the Governor, the Chief Financial Officer, and the Attorney General comprise the board and serve as trustees for the assets managed. They appoint an executive director who manages the daily operations of the board by supervising a staff that oversees the investments of the board's funds.

What is the SBA's investment performance record?

The SBA evaluates its performance against major market indices for the various funds it manages and reports these results to the Legislature each year in its annual investment report. Major mandate funds managed by the board include the FRS Trust Fund, Florida Hurricane Catastrophe Fund, FRS Investment Plan, Florida PRIME Fund, and Lawton Chiles Endowment Fund. Over the long-term, SBA investment returns for all five major mandate funds met or exceeded market-based investment benchmarks.

Who does the SBA serve?

The SBA serves a variety of stakeholders, including school districts, local governments, and the state. The board invests, manages, and safeguards the assets of the FRS Trust Fund, its largest fund, and administers the FRS Investment Plan, a defined contribution plan. These two plans provide retirement benefits for active and retired members of the Florida Retirement System, the majority of whose members are from school districts (48.07%), counties (24.04%), and state government (14.43%). To help FRS members make informed financial decisions related to retirement, the SBA operates the MyFRS Financial Guidance Program. This program provides unbiased financial and retirement planning services through a variety of media to FRS members for free.

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 mandatory reinsurance coverage to all primary insurers required to participate in the Hurricane Catastrophe Fund benefits all Floridians with residential property insurance. Finally, the SBA provides administrative services to the Division of Bond Finance.

How are these activities funded?

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 2022-23 operating budget was $62,669,474.17.


Investment Policy Changes. The Florida Legislature enacted Ch. 2023-111, Laws of Florida, which makes several changes to the investing capabilities and other responsibilities of the State Board of Administration (SBA), relating to the administration of the Investment Plan. Specifically, the law

  • allows the SBA to hold its real estate investments in subsidiaries, and allows them to be grouped into a real estate financing pool, through which it may generate additional income;
  • raises the cap on alternative investments from 20 to 30 percent;
  • amends the due diligence information required to be given to the Investment Advisory Council in advance of investment in vehicles that are not explicitly approved by statute;
  • clarifies that the SBA cannot pay benefits to a member of the Investment Plan who has been charged with, or convicted of, specific offenses that evince a breach of the public trust; and
  • expands the list of circumstances under which a company may be added to the list of scrutinized companies that boycott Israel.
Government and Corporate Activism. The 2023 Legislature enacted Ch. 2023-28, Laws of Florida, which, among other provisions, codifies and expands the program adopted by the State Board of Administration last year that requires, with limited exceptions, investments of certain state and local funds to be based solely on pecuniary factors and not on the furtherance of any social, political, or ideological interests.

Where can I find related OPPAGA reports?

A complete list of related OPPAGA reports is available on our website.

Where can I get more information?

Other Reports
The Auditor General reports on department operations are available on its website

Websites of Interest
MyFRS Financial Guidance Program
National Association of Retirement Administrators
Pensions & Investments Online

What are the applicable statutes?

Article XII, section 9 of the Florida Constitution and ss.  121.0312,121.4501(1), 215.44, and 344.17, Florida Statutes

Whom do I contact for help?

Manager of External Affairs, 850-413-1254