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Office of Program Policy Analysis and Government Accountability

Oversight Report on the State Board of Administration's 1996-97 Investment Report, Report No. 98-10, August 1998
Full report in PDF format

  • The State Board of Administration's (SBA) performance in investing Florida Retirement System assets has not only exceeded its overall investment objective in Fiscal Year 1996-97, but also for longer periods covering the last 20 years.
  • The SBA’s allocation of Florida Retirement System assets was within ranges established in its long-term investment plan.
  • Investment returns for various asset classes were slightly higher or close to performance targets over one-, three- and five-year periods.
  • The SBA would have earned an additional $612 million in Fiscal Year 1996-97 if its external domestic equity active investment style managers performed as well as external passive investment style managers. It also would have saved $49 million in management fees if all of its externally managed domestic equity assets were invested by passive investment style managers.
  • The SBA's 1996-97 Investment Report contains reasonably accurate and reliable performance data. However, some areas could have been improved with the disclosure of additional information.

What other OPPAGA-related materials are available?

  • Report No. 06-68 Progress Report: Use of Investment Returns Has Increased; Plan for Addressing Associated Risks Should Be Documented, published in November 2006.
  • Report No. 04-70 OPPAGA Report: Multi-Year Projections of Retirement System Funding Should Be Provided to the Legislature, published in October 2004.
  • Report No. 02-37 Program Review: While State Board of Administration Investments Perform Relatively Well, the SBA Should Reassess Planned Expansion of Alternative Investments, published in June 2002.
  • Report No. 99-52 Program Review: Investment of Florida Retirement System Assets Meets Goals, But Earnings Could Be Increased, published in May 2000.
  • Report No. 99-50 Program Review: The Florida Retirement System Continues to Be Fully Funded; Unfunded Liability Eliminated, published in May 2000.
  • Report No. 97-27 Oversight Report on the State Board of Administration’s 1995-96 Investment Report, published in January 1998

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
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