A new state report finds that Florida’s massive retirement account for public employees did not meet its goals over the past year, but that it’s still doing well over the long term.
Researchers who work for the Florida Legislature released a report this past week that looked at the performance of the Florida Retirement System pension plan. The pension plan, which is worth about $141 billion, has nearly 1 million active and retired enrolled members.
The report found that the State Board of Administration did not meet its investment goals for the pension plan during the fiscal year that ended this past June. The board attributed this to devaluations in Chinese currency as well as turmoil in Europe.
However, the state board did meet or exceed investment goals over the last three, five, 20 and 25 years.
Republished with permission of the Associated Press.