State Board of Administration
1801 Hermitage Blvd., Suite 100
Tallahassee, Florida 32308

Florida Retirement System Pension Plan

The Florida Retirement System (FRS) Pension Plan, also known as the Defined Benefit Plan, is one of the largest public retirement plans in the U.S. and comprises roughly three-quarters of total assets under State Board of Administration (SBA) management. The SBA’s commitment to maximizing returns over the long term, subject to risk considerations, is vital to ensuring the FRS Pension Plan continues to help participating retirees meet their financial goals and assure all plan participants that their retirement funds are invested prudently.

The legislature determines plan structure, benefit levels and funding, the Department of Management Services, Division of Retirement administers the program and the SBA manages the assets consistent with statutory authority. In investing the FRS Pension Plan assets, the SBA follows statutory guidelines. History has shown this to be a productive partnership, with approximately $2 out of every $3 paid to a retiree today coming from investment gains, not from taxpayers.

The SBA’s investment policy objective for the FRS Pension Plan portfolio is to provide investment returns sufficient for the plan to be maintained in a manner that ensures the timely payment of promised benefits to current and future participants and keeps the plan cost at a reasonable level. Benefits are determined using a formula based on years of service and salary while working for an FRS employer.

Florida Growth Fund

The Fund was established so the SBA could invest up to 1.5% of Florida Retirement System Pension Fund (FRS) assets in technology and growth enterprises that have significant presence in Florida.

For more information, click here.

Global Governance Mandates

The SBA is responsible for administering legislatively mandated programs relating to investments of the Florida Retirement System. Those include the Protecting Florida’s Investment Act, Scrutinized Companies that Boycott Israel, MacBride Principles and Northern Ireland, and Cuba/Syria Proxy Voting Safeguards.

For more information on these programs, including associated reports, please click here.