Interesting Article from the Associated Press

[The Nitely Blog]

TALLAHASSEE Florida topped its investment goals in 2009-10, including a healthy 14 percent annual return for the state pension fund, according to an annual report released today.

The report covers investment activities by the State Board of Administration for the fiscal year ending June 30. The board handles a variety of state investment plans but its biggest is the pension fund, which beat its earnings target by 2.5 percentage points.

The fund grew by $13.9 billion for a net increase of $9.8 billion after subtracting $4.1 billion paid to retirees. It provides retirement benefits for state and local government workers including teachers.

The board's executive director, Ash Williams, said pension fund investments have continued to grow since June 30, adding another $9 billion to bring its total value to $118 billion after paying about $1.5 billion to retirees.

"The SBA has a history of cumulatively producing required returns since the fund's inception," Williams said. "Over the past 22 years, more than 66 percent of pension plan benefit payments have been funded by investment gains, not from taxpayers."

The pension fund, though, is still below the $134 billion peak it hit before financial markets collapsed in 2008 and 2009.

As of June 30, it had sufficient assets at $109 billion to cover 87.9 percent of its liabilities. That's still considered financially secure, the report says, although below its 107 percent asset-to-liability ratio in 2008 when valued of $127 billion.

During this year's election season, Republican Governor-elect Rick Scott blamed his Democratic opponent, Chief Financial Officer Alex Sink, for losses in the fund's value because she's a member of the board along with Attorney General Bill McCollum and Gov. Charlie Crist, who chairs the panel.

Sink accused Scott of scaring employees and retirees into thinking their pensions were in jeopardy although the fund, even after the losses, remained one of the nation's strongest.

The annual report makes the same point, citing outside financial firms that give Florida high marks.

They include the Wilshire Trust Universe Comparison Service that ranks Florida in the top 25 percent for one- and three-year performance results among the nation's 10 biggest public pension plans while ranking in the lowest 25 percent in cost last year.

The Pew Center on the States in February rated Florida's pension plan as a "solid performer" and one of only four states with a fully funded pension plan going into the 2008 recession

So you mean they lied to us saying there is no money....... "GEE" imagine that!

TALLAHASSEE Florida topped its investment goals in 2009-10, including a healthy 14 percent annual return for the state pension fund, according to an annual report released today.

The report covers investment activities by the State Board of Administration for the fiscal year ending June 30. The board handles a variety of state investment plans but its biggest is the pension fund, which beat its earnings target by 2.5 percentage points.

The fund grew by $13.9 billion for a net increase of $9.8 billion after subtracting $4.1 billion paid to retirees. It provides retirement benefits for state and local government workers including teachers.

The board's executive director, Ash Williams, said pension fund investments have continued to grow since June 30, adding another $9 billion to bring its total value to $118 billion after paying about $1.5 billion to retirees.

"The SBA has a history of cumulatively producing required returns since the fund's inception," Williams said. "Over the past 22 years, more than 66 percent of pension plan benefit payments have been funded by investment gains, not from taxpayers."

The pension fund, though, is still below the $134 billion peak it hit before financial markets collapsed in 2008 and 2009.

As of June 30, it had sufficient assets at $109 billion to cover 87.9 percent of its liabilities. That's still considered financially secure, the report says, although below its 107 percent asset-to-liability ratio in 2008 when valued of $127 billion.

During this year's election season, Republican Governor-elect Rick Scott blamed his Democratic opponent, Chief Financial Officer Alex Sink, for losses in the fund's value because she's a member of the board along with Attorney General Bill McCollum and Gov. Charlie Crist, who chairs the panel.

Sink accused Scott of scaring employees and retirees into thinking their pensions were in jeopardy although the fund, even after the losses, remained one of the nation's strongest.

The annual report makes the same point, citing outside financial firms that give Florida high marks.

They include the Wilshire Trust Universe Comparison Service that ranks Florida in the top 25 percent for one- and three-year performance results among the nation's 10 biggest public pension plans while ranking in the lowest 25 percent in cost last year.

The Pew Center on the States in February rated Florida's pension plan as a "solid performer" and one of only four states with a fully funded pension plan going into the 2008 recession

This pretty much sums it up! Florida has a ton of money, thanks to all the government agencies donating and the unfortunate & glaring fact that many retired Law Enforcement Officers leave the State of Florida with Millions of dollars in unclaimed pension money because they overy often DIE early due to the stress of their profession. Nobody ever seems to bring this fact up, yet it is a huge reason why Florida's Pension Fund continues to reap the rewards from fallen LEO's who have recently retired. If you put in 25 stressful years as a cop, you better think seriously about "Cashing Out" & reinvesting yoour money. I bet not even 40% of retired cops get the chance to use even half of the money left in their State Pension before they pass away, thus leaving the State with most of their retirement money. They don't let your family have it and therefore they make out like bandits. Heck, they probably like it when a retired Leo dies early, so that they can reinvest your hard earned pension money. Now they want to say that the fund is low and we need to GIVE more? Bunch of BS folks. They would crap their pants if everybody decided to be smart and cash out.....

So you mean they lied to us saying there is no money....... "GEE" imagine that!

You are stunningly stupid.

GEE has nothing to do with the Florida Retirement System, other than paying YOUR share of the contribution into it. (But, cheer up, there is talk of letting YOU pay YOUR SHARE into the system. I'm sure you will then long for the days when Gee did it for you.

The money shortage is at the COUNTY level, which is the responsibility of the County Commission.

Even the commission cannot do anything about the NATIONWIDE and WORLDWIDE recession that has affected all investment income. Of course they could RAISE YOUR TAXES some more to get more money.

You have jumped to a wrong conclusion. Get more informed.

The FRS pension fund is still about $13 billion short of 100% funding or about 89% funded. Better but we are still not out of the woods. That's the bottom line.

So we are in the black 89%, not in the red like all the politicians claim. :devil:

So we are in the black 89%, not in the red like all the politicians claim. :devil:

No.

The terms "in the red" and "in the black" are different when discussing reaching a goal. This is not the same as a company profit and loss statement. If a company makes a profit it is in the black; if not it is in the red.

When the issue is a goal, such as a retirement fund being funded at a particular level, you are in the red until you reach that level. Being only 89% funded puts us 11% in the red.

:wink:

[Average Joe]

Any retirement fund that is funded at 80% is considered in good standing. Thus FRS is a +9.

NASCAR SUX :evil: Just wanna get you stated Blog Bwahahahahahahahahah

[The Nitely Blog]

NASCAR SUX :evil: Just wanna get you stated Blog Bwahahahahahahahahah

Awww Man!!! Now thats just plain mean! :snicker: :snicker: