Florida State Board of Administration pensions:
Managing a huge pot of public money
[Times files]
Gov. Rick Scott, Attorney General Pam Bondi and Chief Financial Officer Jeff Atwater double as trustees of Florida's State Board of Administration. The agency manages more than $150 billion of public money, more than twice the annual state budget. The State Board of Administration invests on behalf of 1 million current and future retirees in the public pension fund, as well as for hundreds of local governments and dozens of other public organizations.
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The latest
- State Sen. Mike Fasano's request for public records draws $10,750.13 invoice
When state Sen. Mike Fasano requested records about a $125 million pension fund investment, the head of the State Board of Administration, Ash Williams, above, sent him a three-page invoice for $10,750.13.
- Documents: SBA head's letter, invoice | Fasano's response
- Florida pension funds take $30 million hit as big banks profit
Florida's giant pension fund took a $30 million hit from 2001-2010 because of lax oversight by a state agency and questionable trading practices by two large banks hired to safeguard the fund, records show. [Sept. 22, 2011]
- Easy investments beat state's expert pension planners
An ordinary investor who put $100 into an easy investment fund portfolio 10 years ago could have had $184 by the end of the decade — without combing through the stock listings, making lots of trades or hiring high-priced experts. [July 31, 2011]
- More on SBA: Advice to follow markets | Success scale a moving target | Index funds do better | How investments stack up [July 31, 2011]
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Ashbel C. Williams Jr., executive director of Florida's State Board of Administration, says Florida has one of the nation's best public pension funds.
Florida's pension transparency has gaps
Want to find out how the state of Florida invests your money? Try. [April 24, 2011]
- State pays $180 million in fees, gets little from long-term investment
When an investment in the state's public pension dips in value, Florida's money managers say it's unfair to judge investment funds over the short term. [October 18, 2010] - Florida public pension funds keep quiet on millions paid to middlemen
Rather than approach the pension's staff directly, half the funds used middlemen to get in the door. [October 7, 2010]
- Congressional panel looks into Fla. investment debacle [September 23, 2010]
- Risk won; taxpayers lost
State money managers skirted legal advice and agency policy to gamble on securities that lost hundreds of millions in value. [September 19, 2010]
- Changes don't end skepticism
Despite a new name and manager, some local governments choose not to use an SBA fund. [September 19, 2010]
- No interviews granted [September 19, 2010]
Graphics
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Related documents
- Transcript: SEC phone call on Florida State Board of Administration's QIB status [Oct. 19, 2000]
- Memo: Law firm memo on QIB status [Nov. 30, 2000]
- Email: Jarriel reaction to legal advice [Nov. 30, 2000]
- Memo: Petty requests Florida State Board of Administration No-Action letter from SEC [May 22, 2001]
- Email: Lombardi requests revisiting QIB status [Feb. 21, 2007]
- Email: SigRist requests revisiting QIB Status [Feb. 27, 2007]
- Email: Florida State Board of Administration attorney's request for QIB status [Mar. 15, 2007]
- Email: Lombardi on purchasing unregistered securities [May 3, 2007]
- Email: Lombardi requests QIB information from S&P colleague [June 14, 2007]
- Email: Lombardi on local pool not QIB [June 15, 2007]
- Email: S&P executive on definition of QIB [June 21, 2007]
- Letter: Williams' letter to SEC on Florida State Board of Administration's actions [Nov. 11, 2009]
- Questions: Times' questions to Florida State Board of Administration and SBA spokesman's response [Sept. 15, 2010]
- Letter: Florida State Board of Administration attorney responds to Times' questions [Sept. 15, 2010]
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Previously
- Florida pension agency head blurs line between state, personal business [July 4, 2010]
- Florida rolls the dice with chunk of pension funds [June 20, 2010]
- State's pension fund running a deficit for first time since 1997 [Mar. 24, 2010]
- Did political donations by Rothstein's law firm grease entry to lucrative Florida bid? [Dec. 29, 2009]
- Investment firms pay to play with state retirement funds [Oct. 11, 2009]
- State pension fund's $266 million investment disappeared in 2 years [September 6, 2009]
- Florida's top officials never saw copies of a huge claim involving public investment money. Neither did you. [June 7, 2009]
- Florida investment agency uses smoke, mirrors [May 3, 2009]
- How to scramble state's nest egg [Jan. 25, 2009]
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