Florida Administrative Code 19 - STATE BOARD OF ADMINISTRATION
Here’s a refined overview of Florida Administrative Code Chapter 19 – State Board of Administration (SBA):
📘 Overview & Organizational Structure
Chapter 19 (State Board of Administration) is subdivided into three main divisions governing different aspects of the SBA’s operations (law.cornell.edu):
Division 19 – Departmental (Chapters 19‑3 to 19‑15): covers the Board’s internal organization, investment policies, bond issuance procedures, oversight of state trust and catastrophe funds, and optional retirement programs (law.cornell.edu).
Division 19A – Division of Bond Finance (Chapters 19A‑1 to 19A‑7): includes rules for municipal bond reporting, sale/allocation of bonds, arbitrage compliance, and related topics (regulations.justia.com).
Division 19B – Florida Prepaid College Board (Chapters 19B‑4 to 19B‑18): covers the Prepaid College Plan, its policies and operations (law.cornell.edu).
🧾 Key Chapters in Division 19
19‑3: Board organization, meetings, procedures.
19‑4: Investment policies/procedures on pension, debt service, money market funds (some sections have been repealed) (law.cornell.edu, regulations.justia.com).
19‑7: Rules for the Local Government Surplus Funds Trust Fund.
19‑8: Administration of the Florida Hurricane Catastrophe Fund.
19‑9, 11–13, 14: Manage the Public Employee Optional Retirement Program (Investment Plan)—an SBA-administered defined-contribution system (law.cornell.edu).
19‑15: Insurance Capital Build-up Incentive Program under § 215.5595, Florida Statutes (law.cornell.edu).
📌 Highlights of Select Rules
Chapter 19‑4 (Investment Policies)
Defines how the SBA and Florida Retirement System can invest in equities, fixed income, debt service accounts, etc. Many older sections have been repealed or updated (regulations.justia.com).
Chapter 19‑13 (Investment Plan Responsibilities)
§ 19‑13.001 outlines the SBA’s duties as Plan Sponsor—including selecting administrators/providers, hiring consultants, and ensuring compliance with §§ 121.4501 and related statutes (regulations.justia.com).
🔎 SBA’s Role & Governance
The SBA, a constitutionally-created body, manages the Florida Retirement System Pension Plan (~80 % of assets under its control), the FRS Investment Plan, Florida PRIME, the Cat Fund, the Prepaid College Plan, and more (sbafla.com).
Governed by a three-member Board of Trustees—the Governor (Chair), CFO, and Attorney General—who delegate day-to-day investment and administrative functions to an Executive Director and professional staff (sbafla.com).
Supported by oversight bodies like the Investment Advisory Council, Audit Committee, and fund-specific advisory panels (oppaga.fl.gov).
🔗 Statutory & Constitutional Authority
SBA rules in Chapter 19 implement Florida Statutes—most notably Chapter 121 (FRS statutes) and § 215.47 (investment authority/legal list) (myfrs.com).
All administrative rules must comply with Florida law; in case of conflict, statutes prevail, and rules must be updated accordingly .
✅ How to Access or Follow Updates
Official source: visit the e-Laws site (flrules.elaws.us/FAC/19) or the SBA’s Rules page for current versions and notices (flrules.elaws.us).
Rule development and changes are published in the Florida Administrative Register (daily) and compiled quarterly as the Code (sbafla.com).
Summary
Chapter 19 of the Florida Administrative Code details the administrative and investment rules governing the State Board of Administration—spanning internal governance, investment standards for multiple state-managed funds (pension, catastrophe, surplus), bond finance, optional retirement, and the Prepaid College Board. These rules are guided by constitutional and statutory mandates, with oversight from key councils and committees.
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