Report Shows Florida’s Pension System Facing Headwinds

The Florida Retirement System has shrunk over the last year and some analysts are saying that it will not survive on its current course, with new legislation likely not to have much of an impact.

According to the Department of Management Service’s annual comprehensive financial report, the Florida Retirement System has had a net income loss of $21,773,027 in the 2022 fiscal year, after beginning the year at $202,082,182,546 and ending the year at $180,226,404,807.

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Florida Takes $2 Billion Away from BlackRock Due to Firm’s Activist Investing Standards

Florida’s Chief Financial Officer Jimmy Patronis announced Thursday that the state will begin pulling over $2 billion in assets from large investment manager BlackRock because of the firm’s environmentally and socially motivated investing standards.

Patronis said that BlackRock is choosing to use its money to pursue its ideology rather than secure profits for its clients, according to a press release. Florida’s State Treasury will begin to remove roughly $1.43 billion worth of long-term securities from BlackRock’s control as well as approximately $600 million worth of short-term investments managed by the firm.

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