FRS one of the best state pensions

Gov.-elect Rick Scott attacked his opponent Florida CEO Alex Sink for mismanagement of the state pension fund, citing how it, like nearly all state pensions, had lost value during the 2007 market decline.

A recent report issued by the State Board of Administration touts the Florida Retirement System (FRS) and the progress it made in the 2009-2010 fiscal year, garnering it a status of one of the nation’s best pension plans. FRS earned $9.8 Billion in 2009-10, a 14% return.

Since July 1st of this year, FRS has jumped an additional $9 billion. This brings the fund’s total balance to $118 billion. It is the highest the fund has been in two years, when it topped $125 billion.