Florida Retirement System, Tallahassee, had $99.7 billion in assets as of June 30, the end of its fiscal year, down 19% from a year earlier, according to the Florida State Board of Administration, which oversees the plan.
The system had an estimated funded ratio of 93% at the end of the fiscal year, down 13 percentage points from a year earlier. An official actuarial analysis will be released this fall.
“We were fortunate to enter the most dramatic decline in the history of modern financial markets in better shape than most pension funds, and it appears we have performed comparable to, or better than, most financial indexes and other public pension funds,” Ash Williams, executive director and CIO of the state board, said in an FSBA news release. “So, in relative terms, the fund remains in solid shape with a funding ratio that may be the envy of many public pension funds.”
The fund came out ahead of its five- and 10-year performance benchmarks, but missed its one-year benchmark by 1.07 percentage points because of underperformance in fixed income, private equity and strategic asset classes. Real estate and domestic and foreign equities all exceeded their benchmarks for the fiscal year. The fund did not release performance numbers.