The St. Pete Times has done a special report on the Florida State Board of Administration and how it manages the state pension funds.
Gov. Rick Scott, Attorney General Pam Bondi and Chief Financial Officer Jeff Atwater are the 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.
- Florida’s pension transparency has gaps
Want to find out how the state of Florida invests your money? Try. - 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. - 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. - Congressional panel looks into Fla. investment debacle
- Risk won; taxpayers lost
State money managers skirted legal advice and agency policy to gamble on securities that lost hundreds of millions in value. - Changes don’t end skepticism
Despite a new name and manager, some local governments choose not to use an SBA fund. - No interviews granted
None of the three elected officials responsible for oversight of the State Board of Administration or its executive director agreed to be interviewed.