The Florida Retirement System administers pension and other benefits for most public employees in the state, including state employees; teachers and school district employees; and employees of political subdivisions that have elected to participate. FRS assets are managed by the State Board of Administration, whose members are the governor, state treasurer, and state comptroller. New employees since 2001 are given a choice between the traditional defined benefit plan and a defined contribution plan.
Florida Retirement System Basics, by Plan
| Plan |
Assets (millions) |
Total Members |
| Florida RS |
180,226.4 |
1,023,607 |
| Other Plans |
0.0 |
0 |
| Total |
180,226.4 |
1,023,607 |
Source: Public Plans Database (as of 2022)
Note: Florida Retirement System has 0 other plans.
Assets
Assets at Year-End
Florida Retirement System
2001-2022
| Fiscal Year |
Net Assets (billions) |
| 2001 |
97.3 |
| 2002 |
88.1 |
| 2003 |
88.3 |
| 2004 |
100.9 |
| 2005 |
108.2 |
| 2006 |
116.3 |
| 2007 |
134.3 |
| 2008 |
124.5 |
| 2009 |
96.5 |
| 2010 |
107.2 |
| 2011 |
126.6 |
| 2012 |
120.0 |
| 2013 |
129.7 |
| 2014 |
150.0 |
| 2015 |
148.5 |
| 2016 |
141.8 |
| 2017 |
154.1 |
| 2018 |
161.2 |
| 2019 |
163.6 |
| 2020 |
161.6 |
| 2021 |
202.1 |
| 2022 |
180.2 |
Membership
Ratio of Actives to Beneficiaries, 2001-2022
| Fiscal Year |
Florida Retirement System |
US State and Local Pensions |
| 2001 |
2.9 |
2.4 |
| 2002 |
2.7 |
2.3 |
| 2003 |
2.4 |
2.2 |
| 2004 |
2.3 |
2.1 |
| 2005 |
2.2 |
2.1 |
| 2006 |
2.1 |
2.0 |
| 2007 |
2.0 |
2.0 |
| 2008 |
1.9 |
1.9 |
| 2009 |
1.8 |
1.9 |
| 2010 |
1.7 |
1.8 |
| 2011 |
1.5 |
1.7 |
| 2012 |
1.4 |
1.6 |
| 2013 |
1.3 |
1.5 |
| 2014 |
1.3 |
1.4 |
| 2015 |
1.2 |
1.4 |
| 2016 |
1.2 |
1.4 |
| 2017 |
1.2 |
1.4 |
| 2018 |
1.2 |
1.3 |
| 2019 |
1.1 |
1.3 |
| 2020 |
1.0 |
1.3 |
| 2021 |
1.0 |
1.2 |
| 2022 |
0.9 |
1.2 |
2022 Membership for Florida Retirement System
| Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
| 442,762 |
475,804 |
105,041 |
1,023,607 |
1,014 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Florida Retirement System
2001-2022
| Fiscal Year |
Cash Flow |
Assets |
| 2001 |
-758.6 |
97,279.1 |
| 2002 |
-1,273.3 |
88,142.0 |
| 2003 |
-2,502.3 |
88,349.0 |
| 2004 |
-2,186.6 |
100,933.6 |
| 2005 |
-2,988.1 |
108,206.4 |
| 2006 |
-3,240.8 |
116,340.0 |
| 2007 |
-3,326.4 |
134,315.2 |
| 2008 |
-3,493.2 |
124,466.8 |
| 2009 |
-3,256.7 |
96,503.2 |
| 2010 |
-4,028.6 |
107,180.0 |
| 2011 |
-4,799.0 |
126,579.7 |
| 2012 |
-6,464.2 |
119,981.5 |
| 2013 |
-6,643.1 |
129,672.1 |
| 2014 |
-5,859.7 |
150,014.3 |
| 2015 |
-6,765.5 |
148,454.4 |
| 2016 |
-7,545.3 |
141,780.9 |
| 2017 |
-6,598.2 |
154,053.3 |
| 2018 |
-6,869.8 |
161,196.9 |
| 2019 |
-7,113.2 |
163,573.7 |
| 2020 |
-7,434.2 |
161,568.3 |
| 2021 |
-7,578.0 |
202,082.2 |
| 2022 |
-7,724.3 |
180,226.4 |
2022 Cash Flows for Florida Retirement System (millions)
| Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
| 5,040.8 |
12,765.1 |
-14,131.5 |
-21,855.8 |
Cash Flow as a Percentage of Assets
Florida Retirement System
2001-2022
| Fiscal Year |
Florida Retirement System |
National Average |
| 2001 |
-0.8 |
-2.1 |
| 2002 |
-1.4 |
-2.4 |
| 2003 |
-2.8 |
-2.6 |
| 2004 |
-2.2 |
-2.0 |
| 2005 |
-2.8 |
-2.2 |
| 2006 |
-2.8 |
-2.2 |
| 2007 |
-2.5 |
-2.1 |
| 2008 |
-2.8 |
-2.3 |
| 2009 |
-3.4 |
-3.1 |
| 2010 |
-3.8 |
-3.2 |
| 2011 |
-3.8 |
-3.1 |
| 2012 |
-5.4 |
-3.3 |
| 2013 |
-5.1 |
-3.1 |
| 2014 |
-3.9 |
-2.9 |
| 2015 |
-4.6 |
-2.8 |
| 2016 |
-5.3 |
-3.0 |
| 2017 |
-4.3 |
-2.9 |
| 2018 |
-4.3 |
-2.6 |
| 2019 |
-4.3 |
-2.6 |
| 2020 |
-4.6 |
-2.4 |
| 2021 |
-3.7 |
-2.1 |
| 2022 |
-4.3 |
-2.1 |
