State Board of Administration of Florida

the state board of administration of florida (the “sba” or the “board”) is an agency of florida state government that provides a variety of investment and trust services to various governmental entities. a key responsibility is to manage the assets of the florida retirement system (frs) pension plan, which is the fifth largest public pension plan in the united states. the plan provides retirement benefits for over 900,000 current and former public employees, with approximately $2 of every $3 paid from investment earnings. the sba’s primary focus is on investment management as it does not manage pension plan benefits. the sba is also responsible for managing the frs investment plan (a defined contribution plan), the lawton chiles endowment fund, the local government surplus funds trust fund (currently known as florida prime), the florida hurricane catastrophe fund and a variety of smaller funds. the sba is governed by a 3-person board of trustees comprised of the state’s governor, chief