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State Board of Administration

Pension numbers increase budget pressure

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State analysts agreed Thursday to lower the expected rate of return on Florida’s $154 billion pension fund, which will put more pressure on lawmakers as they craft a new state budget.

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Rick Scott, Cabinet members OK Venezuela investment ban

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With no discussion, Gov. Rick Scott and members of the Florida Cabinet Wednesday approved a policy to forbid any investments benefiting the Nicolás Maduro regime in Venezuela. Scott, state Chief Financial Officer Jimmy Patronis and Attorney General Pam Bondi sit as Trustees of the State Board of Administration, which oversees state investments. The state currently has no investments that involve Venezuela, Ash Williams, the SBA’s executive director & chief investment officer, told reporters.

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State economists lower expectations for pension fund

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State economists on Thursday decreased the Florida Retirement System Pension Fund‘s expected rate of return on investments to 7.6 percent, from 7.65 percent. The Actuarial Assumption Conference had stalemated earlier in the week, with some wanting the rate held at 7.65 percent, and others arguing to go down to 7.5 percent. Don Langston, staff director of the House of Representatives’ Finance & Tax Committee, agreed with the move, though not without some trepidation. “Unless something radical changes … to turn the long-term (economic) outlook around,…

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Economists agree to disagree on state pension fund

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State economists on Tuesday deadlocked over changing the state pension fund’s expected rate of return on investments. The Florida Retirement System Actuarial Assumption Conference will meet again Thursday to see if members can compromise. Christian Weiss, economic policy coordinator for Gov. Rick Scott, argued for keeping the system’s assumed rate of return at 7.65 percent. But Don Langston, staff director of the House of Representatives’ Finance & Tax Committee, and Amy Baker, head of the state Office of Economic and Demographic Research, argued for lowering…

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Despite market volatility, Florida state pensions to continue record of positive gains

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In a volatile year for the stock market, Florida’s $143 billion pension fund managed to eke out a gain in the recently concluded fiscal year, keeping a positive streak alive that has extended since a 19 percent drop in 2009. Ash Williams, executive director of the State Board of Administration, which manages the fund, described the market volatility as a “circular roller coaster” in a March report to Gov. Rick Scott and the Cabinet. The ride continued through the end…

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