The Florida State Board of Administration (SBA) is a vital agency of the Florida state government that provides a variety of investment and trust services to various governmental entities. Located at 1801 Hermitage Blvd, Tallahassee, Florida 32309, the company specializes in investment management. The SBA has a significant responsibility of managing the assets of the Florida Retirement System (FRS) Pension Plan, which ranks as the fifth-largest public pension plan in the United States.
The FRS Pension Plan provides retirement benefits to over 900,000 current and former public employees. With approximately $2 of every $3 paid from investment earnings, the SBA's primary focus is on investment management, although it does not manage pension plan benefits. In addition to the FRS Pension Plan, the SBA is responsible for managing the FRS Investment Plan (a defined contribution plan), the Lawton Chiles Endowment Fund, the Local Government Surplus Funds Trust Fund (currently known as Florida PRIME), the Florida Hurricane Catastrophe Fund, and a variety of smaller funds.
The SBA operates under the governance of a 3-person Board of Trustees, which consists of the state's Governor, Chief Financial Officer, and Attorney General. These Trustees delegate authority to the Executive Director and Chief Investment Officer (ED/CIO), who has the responsibility of managing and directing all administrative, personnel, budgeting, investment policy, and investment functions. Serving at the discretion of the Trustees, the ED/CIO manages approximately 200 professional and administrative support staff.
By offering its expertise in investment management, the Florida State Board of Administration plays an essential role in the financial well-being of the state's public employees and various governmental entities. With a solid foundation and a clear focus on its responsibilities, the SBA continues to contribute to the stability and growth of the Florida Retirement System and other state funds. For more information about the Florida State Board of Administration, visit their website at http://www.sbafla.com.