State pension fund report shows returns remain steady

The Florida State Board of Administration, the investment manager of the state’s multi-billion dollar pension fund, announced Wednesday that earnings have been doing pretty well for the state-run account that holds the retirement earnings of thousands of state and local government workers.

After two years in which the fund has had back-to-back earnings of 14 percent and 22 percent, the fund returned a .29 percent on investments in the year ending June 30, 2012 and ended the year with a net asset value of $122.7 billion that reflects payments of $5.9 billion last year to retirees and transfers.

Preliminary performance figures for the fiscal year ending June 30 “show the FRS Pension Plan beating its benchmark by 77 basis points while earning a positive .29% return,” according to the board. ”A basis point is equivalent to 1/100th of a percentage point.”

“While we expect continued volatility, we are long-term investors and have positioned the portfolio to withstand short-term volatility in order to deliver the returns required to meet pension obligations.”  said Ash Williams, Executive Director and Chief Investment Officer for the SBA. … Read More          ( TBT/Klas)

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