State Board of Administration
What is the purpose of the board?
The purpose of the Florida State Board of Administration is primarily to invest the proceeds of the Florida Retirement System Pension Plan, administer the Florida Retirement System Investment Plan, manage the Florida Hurricane Catastrophe Fund and Florida PRIME, as well as invest the proceeds of additional funds as directed by the Florida Legislature. The board is created by the Florida Constitution as Florida's principal independent investment management organization and is governed by a board of trustees.
How is the board governed?
The board is governed by a three-member board of trustees comprised of the Governor, the Attorney General, and the Chief Financial Officer. The trustees oversee the board’s overall strategy and delegate authority to the executive director to carry out the strategic direction in the day-to-day financial investments and operations of the agency.
What activities are performed by the board?
The board's activities include the following.
- Fund Management for state and local government entities in Florida, including the Florida Retirement System (FRS) Pension Plan, Public Employee Optional Retirement Program (FRS Investment Plan), Florida PRIME, and the Florida Hurricane Catastrophe Fund.
- Bond Financing provides financial, legal, and marketing services necessary for the issuance and sale of bonds. It also performs financial analyses, structures bond issues, and conducts bond sales.
- Retirement Planning and Financial Counseling Support to members of the Florida Retirement System through the MyFRS Financial Guidance Program.
- Administering Programs created by the Legislature that are limited in terms of duration, resources, or availability. These programs include the Florida Optional Reinsurance Program, the Reinsurance to Assist Policyholders Program, and the Insurance Capital Build-Up Incentive Program.
How are these activities funded?
The board is self-supporting through fees for service and does not receive appropriations from the Legislature. Operating budget information is updated monthly on the board's website.
Where can I find information on the board's performance?
Additional Resources
OPPAGA Reports and Presentations
A complete list of related OPPAGA reports and presentations is available on our website.
Other Reports
Florida State Board of Administration, Reporting
A complete list of Florida Auditor General reports is available on its website.
Websites of Interest
Florida Commission on Hurricane Loss Projection Methodology
Florida Department of Management Services, Division of Retirement
National Association of State Retirement Administrators
Applicable Statutes
Board Contact Information
Florida State Board of Administration Contact Website
Florida State Board of Administration
1801 Hermitage Boulevard, Suite 100
Tallahassee, Florida 32308-7743
(850) 488-4406
Website