Florida retirement system investments drop, but still ahead of pre-pandemic level
The gap between the assets and liabilities in the Florida Retirement System (FRS) ballooned in the latest fiscal year, driven mainly by a dive in investment returns caused by the lingering effects of the COVID-19 pandemic, inflation and an increase in interest rates to combat inflation, a report released by the Department of Management Services shows.
The FRS had a net position of $180.2 billion as of June 30, down nearly $22 billion, or 10.8%, from the previous year. Most of it was driven by a $14.24 billion loss in investment income in the 2021-22 fiscal year. But that loss comes on the heels of a $48 billion investment gain the previous fiscal year and the FRS has $18.6 billion more than...
