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).
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.
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
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
Manager of External Affairs, 850-413-1254
Website