Florida picks director of retirement services division

Dan Drake was named director of the Division of Retirement Services of the Florida Department of Management Services, which administers the $127 billion Florida Retirement System defined benefit plan, Tallahassee.

Mr. Drake started Monday in a transition to replace Sarabeth Snuggs, who is retiring Dec. 31.

Among its responsibilities, the Division of Retirement Services conducts the Florida Retirement System defined benefit plan's official actuarial valuation and helps set its assumed rate of return.

Mr. Drake retired in 2005 as director of benefits and health care of the $76.4 billion Ohio Public Employees Retirement System, Columbus.

Since retiring from OPERS, Mr. Drake said he worked as a part-time consultant for the retirement system until 2010 and then this year has done consulting work on projects for Gabriel, Roeder, Smith & Co. and Segal Co. He said he has been interested in getting back to full-time work.

The Division of Retirement Services does not administer the $7.4 billion Florida Retirement System 401(a) defined contribution plan.

The $157 billion Florida State Board of Administration, Tallahassee, oversees the investments of the Florida Retirement System's defined benefit and defined contribution plans.