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The Plan Sponsor and the MyFRS Financial Guidance Program, which provides educational resources to all Florida Retirement System (FRS) members, are sponsored by the State Board of Administration of Florida (SBA). The SBA is statutorily responsible for the FRS Investment Plan and the FRS Pension Plan.
The SBA is also responsible for additional investment mandates, including the Florida Hurricane Catastrophe Trust Fund, Lawton Chiles Endowment Fund, Local Government Surplus Funds Trust Fund, Division of Bond Finance Funds, and Department of Lottery Funds.
A three-member Board of Trustees governs the SBA. The three trustees are the Governor as Chair, the Chief Financial Officer, and the Attorney General. They have the legal authority and fiduciary responsibility for the investments of assets under management, subject to limitations as outlined in Section 215.47, Florida Statues. The Trustees delegate to the Executive Director, who serves as the Chief Investment Officer, the day-to-day administrative and investment authority, within statutory limitations and rules, to manage the investment of assets.
The Trustees, Executive Director and staff always act solely in the best interest of FRS participants and beneficiaries. At the SBA, we clearly understand that thousands of Florida's state government employees, public school teachers, local public safety officers, firefighters and retirees count on us to provide superior investment and trust services while adhering to the highest ethical, fiduciary and professional standards.