CATRS Teachers Retirement Services LLC

Investment decisions are made by the State Board of Administration (SBA), a separate entity that manages the assets of the Florida Retirement System Trust Fund. The SBA's executive director and professional staff execute asset allocation and manager selection under the oversight of a board composed of state officials (per Florida statute, 2023).

No, CATRS does not invest directly. The SBA handles all investments, including commitments to private equity funds, real estate partnerships, and hedge funds. Public records show the SBA has allocated capital to firms such as KKR, Blackstone, and Apollo Global Management (per SBA external investment report, 2023).

The SBA targets a diversified mix: public equities (US and non-US), fixed income, real estate, private equity, hedge funds, and cash equivalents. The long-term target allocation, as of mid-2023, included roughly 40% equities, 20% fixed income, and the remainder in alternatives (per SBA strategic plan, 2023).

CATRS is funded through employer and employee contributions to the Florida Retirement System, as well as investment earnings on the Trust Fund. The system covers over 1.4 million active and retired members across Florida's public education and other state agencies (per Florida Department of Management Services, 2023).

CATRS is an administrative entity within the Florida Department of Management Services, focused on benefit administration and member services. The SBA is a separate constitutional agency that manages the investment portfolio. The two organizations are legally distinct but collaborate on actuarial funding and reporting.