The State Board of Administration (SBA) has generally met market-based investment benchmarks for its largest funds, including the Florida Retirement System Pension Plan. In addition, the Pension Plan's 10-year performance exceeded that of similarly sized funds in other states. However, recent market volatility has made it difficult for the board to meet its overall investment objective for the plan.
To help generate returns needed to achieve the Pension Plan's objectives, the SBA has increased the proportion of the plan's assets invested in alternative investments, such as private equity funds. Given the increased monitoring needed with such investments, the board has implemented additional oversight procedures.

During Fiscal Years 2016 Through 2018, Major SBA Fund Returns Exceeded Market-Based Investment Benchmarks Over the Long Term
Report 19-04 March 2019
Over the Long-term, Major SBA Fund Returns Exceeded Market-Based Investment Benchmarks; FRS Pension Fund Multi-Year Performance Similar to Other States.
Report 16-06 November 2016
FRS Pension Plan Investment Returns Are Similar to Other Public Pension Funds; SBA Continues to Increase Alternative Investments
Report 15-05 March 2015
Compared to Other States, the Pension Plan Is Better Funded, Incurs Lower Investment Fees, and Has Fewer Trustees; Investment Returns Are Average
Report 11-10 February 2011

Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.