US - The US$126.9bn Florida Retirement System (FRS) Pension Plan Trust Fund maintained a positive funding ratio, estimated at 105% at fiscal year-end 30 June 2008, following reports of negative ratios by other US public pension funds.
"This helps relieve pressure on participating governments throughout the state which are facing strained budgets."
SBA said when comparing Florida's pension fund performance to other US corporate and public pension plans, as reported by Wilshire Trust Universe Comparison Service (TUCS), Florida was ranked in the top half of the best performing pension plans over all reported time periods.
The pension fund reported losses for last fiscal year of 4.4%, while the domestic stock market was down 12.7% and the foreign equity stock market was down 7.6%, as measured by broad market indexes.
For the fiscal year, the weak performance of equities was offset by positive performance in real estate (+8.69), fixed income (+5.10%) and private equities (+7.52%).
The SBA, an investment management organisation of the state of Florida, manages 33 investment funds including the FRS pension plan with total assets valued at $154bn.
FRS provides retirement benefits to over 900,000 state and local government employees and retirees.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).