FRS pension plan outperforms financial targets

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Published by The Florida Democrat

August 5, 2015

Jeff Burlew

The Florida Retirement System pension plan continues to perform better than long-term targets, according to the State Board of Administration, which oversees the plan.

For the fiscal year ending June 30, the state pension plan earned 3.67 percent, beating its benchmark by 143 basis points, which is equal to 1.43 percent. The plan ended the year with a market value of $148 billion.

“We continue to be pleased with our performance, especially the value added by our staff, which is estimated to be approximately $2 billion over the benchmark return for the year,” said Ash Williams, executive director and chief investment officer for the SBA. “Growth rarely occurs smoothly, so we focus on long-term performance.”

Ash said performance for the 20-, 25- and 30-year periods exceeded the actuarial assumed rate of return, generating returns of 8.11 percent, 8.74 percent and 9.32 percent, respectively. Williams attributed the high performance to “prudence, patience and diversification.”

The SBA, in a news release, said it was the sixth year of positive returns since the end of the financial crisis.

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