Florida pension plan posts strong year

Nest Egg
Posted at 5:44 AM, Aug 07, 2013
and last updated 2013-08-07 01:59:13-04

TALLAHASSEE, Fla. (AP) — Florida's main retirement account for state workers, teachers and other public employees is growing by a double-digit margin.

The State Board of Administration released preliminary numbers Tuesday showing that the Florida Retirement System pension plan grew by more than 13 percent in the last fiscal year.

The pension plan had a market value of more than $132 billion at the end of June.

That left the pension plan with a nearly $10 billion increase over the previous fiscal year.

State investment officials also reported Tuesday that the number of state workers choosing to enroll in the state investment plan is continuing to grow as well. The investment plan functions fairly similar to 401 (k) plans offered by private employers.