Florida Retirement System Pension Plan’s investments gained 14.03% for the year ended June 30, exceeding the customized benchmark by 2.51 percentage points, according to a news release from the Florida State Board of Administration, which oversees the system.
The “past year’s return marks the greatest return over benchmark for the FRS Pension Plan in the last 25 years,” Ash Williams, executive director and chief investment officer of the Tallahassee-based FSBA, said in the release, speaking about the defined benefit plan.
As of Wednesday, the FSBA had $140.9 billion in total assets, including the $114.6 billion FRS defined benefit plan.
By asset class, domestic equity returned 15.89% for the year ended June 30, outperforming the 15.72% return of the plan’s customized benchmark; foreign equities, 14.18%, topping the 11.88% benchmark; fixed income, 14.89%, beating its 9.5% benchmark; high yield, 19.61%, underperforming its 20.85% benchmark; real estate, -10.15%, surpassing its -12.14% benchmark; private equity, 21.52%, topping its 20.22% benchmark; strategic investments, a variety of equity and debt strategies, 28.88%, outperforming its 11.32% benchmark; and cash, 1.98%, topping its 0.37% benchmark.
For the three- and five-year periods ended June 30, the FRS defined benefit plan investments returned an annualized -4.08% and 2.87%, respectively, topping the benchmarks’ returns of -4.31% and 2.57%.
The Florida Retirement System Investment Plan, a 401(a) plan, returned 11.07% for the year ended June 30, exceeding the 10.32% return of its customized benchmark. The 401(a) plan had $5.2 billion in assets as of Wednesday.
For the three and five years ended June 30, the 401(a) plan returned an annualized-3.52% and 2.8%, respectively, compared to the benchmarks of -4.28% and 2.2%.