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.
Consultant Ennis Knupp presented the report today at a trustee meeting of the $154 billion Florida State Board of Administration, Tallahassee, which includes the $126.9 billion Florida system.
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 plan’s 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.
