Florida Retirement System's net return on investment was 14.03% for the year ended June 30, 2.53 percentage points ahead of its customized benchmark, according to an annual report Wednesday by the Florida State Board of Administration, Tallahassee, which oversees the defined benefit pension fund.
From June 30 through Nov. 16, the pension fund has grown an additional $9 billion to $118 billion, Ash Williams, FSBA executive director and chief investment officer, said in a statement about the report. The board oversees $133.5 billion in total assets.
The fiscal year investment returns “added $13.9 billion to the fund before net distributions of $4.1 billion to retirees, resulting in a net asset value increase of $9.8 billion, the report said.
In the previous year, ended June 30, 2009, the fund returned -19%.
For periods ended June 30, 2010, the fund's annualized investment return for five years was 2.87% compared to 2.57% for the FSBA investment objective; for 10 years, 2.6% compared to 6.9%; and 20 years, 8.2% compared to 7.1%.
The pension fund's estimated funding ratio was 87.9% as of June 30, when it was valued at $109 billion, the statement said. That's down from 88.5% the previous year when the fund's value was $99.6 billion and 107.1% as of June 30, 2008, when the fund's value was $126.9 billion prior to the recent economic turmoil.
