Florida Retirement System Pension Plan lost 4.4% for the year ended June 30, significantly below the 10.3% of its absolute-return benchmark of actual inflation plus five percentage points, according to a report.
Alex Sink, state CFO and a board trustee, requested the report to assess the impact the market turndown has had on the Florida Pension Plan, Robert Milligan, FSBA interim executive director, wrote in a memorandum to the board.
The investment return generated a slight headwind for the plan, but the expectation over the planning period (of 15 years) is that full funding will be preserved, the report said. The plan was 105% funded as of June 30, according to FSBA data.
The plans investment return topped the -4.5% median return for the same period of a peer group of 16 funds with an average $27 billion in assets, the report said.