FRS meaning in Governmental ?

What is Florida Retirement System mean?

The statutory and fiduciary mandate of the State Board of Administration of Florida (SBA) is to invest, manage and safeguard assets of the Florida Retirement System (FRS) Trust Fund as well as the assets of a variety of other funds. The SBA manages 25 different investment funds and trust clients.

Trusts are investment responsibilities allowed under law and established pursuant to trust agreements or other forms of consent with individual clients. Three of the SBA's 25 funds are government investment pools that contain the assets of a variety of clients. Twenty-two clients have at least some of their assets in separately managed funds. The remaining clients are invested solely in one or more of the SBA's investment pool products. Pooling smaller portfolios into larger investment funds affords economies of scale and other investment management advantages, enhancing returns for participants.

Because the SBA is a constitutional entity, it would take a constitutional amendment to change the way the agency is governed.

The SBA has other responsibilities including:

Providing personalized retirement planning and financial counseling support to members of the Florida Retirement System through the MyFRS Financial Guidance Program (created under by the Florida Legislature in 2000)Administering the Florida Hurricane Catastrophe Fund and its associated programsServing as an investment consultant to retirement programs administered by other Florida state agencies, including the State of Florida Deferred Compensation Program and the State University System Optional Retirement ProgramManaging the corporate affairs of the Inland Protection Financing Corporation, a public-private entity created to raise funds to pay reimbursement claims for pollution cleanupManaging the corporate affairs of the Florida Water Pollution Control Financing Corporation, which is the state's revolving fund set up to finance clean water initiatives for local water and wastewater systemsAdministering debt service funds for bonds issued according to the State Bond Act, which allows the Division of Bond Finance to issue tax-exempt bonds to provide capital financing for state and selected government agencies. The SBA also serves as escrow agent for the bonds.Providing administrative support for the Division of Bond Finance and the Florida Prepaid College plansGenerating annual, monthly and quarterly reports detailing performance and investment activities reference