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

State Board of Administration of Florida

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 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%).

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 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.

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 2020-21 total operating budget was $54,577,811.35.


Termination of Chiles Fund. The 2021 Legislature enacted Chapter 2021-43, Laws of Florida, which eliminates the Lawton Chiles Endowment Fund and redirects the funds to the Budget Stabilization Fund. The bill directs the State Board of Administration to liquidate the assets in the Lawton Chiles Endowment Fund by June 30, 2022.

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, Constitution of the State of Florida, and ss.  121.0312,121.4501(1), 215.44, and 344.17, Florida Statutes.

Whom do I contact for help?

John Kuczwanski, Manager of External Affairs, 850-413-1254, email: