The State Board of Administration (SBA) has exceeded market-based investment benchmarks for its largest funds, including the Florida Retirement System Pension Plan. In addition, the Pension Plan fund has generally met the SBA's overall investment objective over several long-term periods, and its performance was comparable to that of similarly sized funds in other states.
Alternative investments such as private equity funds remain a small proportion of the Pension Plan fund, although the SBA has increased the percentage of plan assets invested in alternatives; this larger investment has resulted in significant increases in external management fees. Because fees for alternative investments increase with the dollar amount invested, as more traditional assets are shifted toward alternative investments, investment fees will continue to rise. In addition, the board is continuing to implement additional oversight procedures for monitoring alternative investments.

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 Those of Other States; SBA Is Increasing Alternative Investments
Report 13-05 February 2013
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.