Senate Bill 2310 was signed by Governor Crist on May 21, 2008 and became effective July 1, 2008. Upon becoming law:
- The State Board of Administration (SBA), consistent with its fiduciary duties, may invest up to 1.5 percent of the net assets of the Florida Retirement System Pension Plan Trust Fund in technology and growth investments of businesses domiciled in this state or businesses whose principal address is in this state.
- With no more, in the aggregate, than 10 percent of any fund in alternative investments (e.g., private equity, venture capital etc.), or in securities or investments that are not publicly traded and are not otherwise authorized.
- The SBA may offer opportunities to small, state-based investment management firms to facilitate their development and growth.
The SBA has developed a best-practices program that is true to our fiduciary requirements, responsive to Senate Bill 2310, and embeds a process that is accessible, consistent, transparent and fair.
Senate Bill 2310