The current trustees are Governor Ron DeSantis, Chief Financial Officer Jimmy Patronis, and Attorney General Ashley Moody.
The SBA also is audited by two legislative entities: the Auditor General[8] and the Office of Program Policy Analysis and Government Accountability.
[14] While investing the FRS Pension Plan assets, the SBA follows statutory guidelines and a substantial body of internal policies and procedures.
[15] The Investment Advisory Council provides independent oversight of the FRS Pension Plan's general objectives, policies, and strategies.
[3] For the Florida Retirement System (FRS) Pension Fund, the largest mandate for the SBA, historical investment returns are:[3] In February 2010, the Pew Center on the United States identified four states that demonstrate different approaches to designing and managing retirement systems: Florida, Nebraska, Iowa and Georgia.
In response to the economic turmoil in the markets, the SBA changed its guidelines to ensure that Florida PRIME offers daily liquidity, making it possible for investors to convert 100% of any balance into cash.
Legislative and policy changes require Florida PRIME to make conservative investments, purchasing short-term assets that have received independent high ratings.
[18] Florida law specifies that the LCEF shall be managed as an annuity, with an investment objective of long-term preservation of the real value of the principal.
The law requires a specified annual disbursement of funds for biomedical research activities, until when cures are found for tobacco-related cancer and heart and lung disease.
[23]: 161 This article incorporates text from Investment Report 2011, State Board of Administration, a public domain work of the Government of Florida.