Florida RS (FRS) — assets, returns and funding
Pensions: all tracked plans · Australian super in numbers · Private market performance · the PE statistics · what plans disclose · where they diverge
Florida RS (FRS) (Florida) reported $212.6bn of assets for fiscal year 2025, a one-year investment return of 10.3%, and was 82.2% funded — around the ~80% mark the industry reads as sound.
| Total assets (FY 2025) | $212.6bn |
| 1-year return | 10.3% |
| 5-year return (annualised) | 9.7% |
| 10-year return (annualised) | 8.1% |
| Funded ratio (GASB) | 82.2% |
How the money is invested (asset allocation)
Florida RS (FRS) held 48.7% of its assets in public equities and 20.4% in fixed income (bonds) for fiscal year 2025 — the largest of 6 sleeves it reports, with the rest below:
| Public equities | 48.7% |
| Fixed income (bonds) | 20.4% |
| Hedge funds | 11.4% |
| Real estate | 9.4% |
| Private equity | 9.0% |
| Cash | 1.2% |
Compare Florida RS (FRS) with similar plans
The plans most worth reading Florida RS (FRS) against — similar in size, or invested in the same managers — side by side, each with its own page for the detail:
| Plan | Assets | 1-yr return | Funded ratio | Why comparable |
|---|---|---|---|---|
| Jacksonville (FL) Police and Fire | $2.6bn | 20.8% | 44.1% | Same state — Florida |
| Jacksonville (FL) ERS | $2.2bn | 10.8% | 52.9% | Same state — Florida |
| Miami (FL) Fire and Police | $1.8bn | 17.8% | 53.3% | Same state — Florida |
| Miami (FL) General and Sanitation | $1.1bn | 13.0% | 71.5% | Same state — Florida |
| Texas Teachers (TRS of Texas) | $226.3bn | 10.8% | 77.5% | Similar size |
| NY State & Local ERS (NYSLRS) | $230.5bn | 5.8% | 94.3% | Similar size |
Questions this page answers
How much does Florida RS (FRS) have in assets?
Florida RS (FRS) reported $212.6bn in total assets for fiscal year 2025, as compiled by the Public Plans Database.
What return did Florida RS (FRS) make on its investments?
Florida RS (FRS) reported a 10.3% one-year investment return for fiscal year 2025, and 8.1% a year over the past ten years, per the Public Plans Database.
Is Florida RS (FRS) fully funded?
Florida RS (FRS) was 82.2% funded for fiscal year 2025 — above the ~80% mark many treat as reasonably sound. US public plans face no federal funding minimum, and actuaries add that the trend matters more than any single line (Public Plans Database).
How is Florida RS (FRS)'s money invested?
Florida RS (FRS) held 48.7% of its assets in public equities and 20.4% in fixed income (bonds), its largest sleeves for fiscal year 2025 (Public Plans Database).
See also: all tracked plans · how the private-equity funds these plans invest in have actually performed, from the plans' own disclosures: private market performance, and where plans' numbers diverge on the same fund.