The Florida State Board of Administration undoubtedly will celebrate the new year, and for good reason.
The new year will be the first year in the fund's 50-year history that it will be fully funded.
Tom Herndon, executive director for the $85 billion fund, attributed the change in funding status to the bull market.
"We just enjoyed the ride," he said.
At this point, Mr. Herndon expects the state government might be able to cut back $1 billion or so in contributions if the Legislature decides to cancel an accelerated payment schedule implemented 10 years ago.
The state now pays $3.2 billion in contributions annually; employees are not required to contribute.
Mr. Herndon cited the assimilation of small underfunded local government plans and teacher plans as the cause for the past funding troubles.