The State Board of Administration of Florida (the “SBA” or the “Board”) is an agency of Florida state government that provides a variety of investment and trust services to various governmental entities. A key responsibility is to manage the assets of the Florida Retirement System (FRS) Pension Plan, which is the fifth largest public pension plan in the United States, with total assets of approximately $135 billion as of June 2013. The plan provides retirement benefits for 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 as it does not manage pension plan benefits. The SBA is also 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. Total assets under SBA management as of June 30, 2013 were approximately $165 billion.
The SBA is governed by a 3-person Board of Trustees comprised of the state’s Governor, Chief Financial Officer, and Attorney General. The Trustees delegate authority to the Executive Director and Chief Investment Officer (ED/CIO), who serves at the discretion of the Trustees and is responsible for managing and directing all administrative, personnel, budgeting, investment policy, and investment functions. The ED/CIO manages approximately 200 professional and administrative support staff.
Our mission is to provide superior investment management and trust services by proactively and comprehensively managing risk and adhering to the highest ethical, fiduciary, and professional standards.
Our vision is to be the best public sector investment and administrative service provider, while exemplifying the principles of trust, integrity and performance.
For more information about the SBA, please visit: www.sbafla.com – less