The Fort Lauderdale Sun-Sentinel reported that u nder the bill, the pension investments would be directed to industries such as those associated with the aerospace field, renewable energy, and life sciences. SB 2310 was sent to Governor Charlie Crist after the state Senate approved it unanimously last week, the newspaper said.
“Our state’s economy will only get worse
if we don’t look beyond our overreliance on old
industries such as tourism and agriculture,” said
bill sponsor Senator Jeremy Ring, a former Yahoo
executive, according to the news report. “Prudently
harnessing the power of the state pension fund holds the
promise for our state to become a national leader in
innovative, high-tech fields and innovative, high-paying
Ring’s model would allow the State Board of Administrators to redirect funds from the Florida State Retirement System already being invested outside the state into “technology and growth investments” in Florida.
The proposal is patterned after a California
program that taps the assets of the California Public
Employees’ Retirement System (CalPERS) for industries
in the state. Similar efforts are now in use in 10 other
states including New York, Massachusetts, Texas, and
“We wanted something already tested and proven to deliver high dollar returns for our state while safeguarding the interests of our pensioners, participants and beneficiaries,” said Ring, according to the newspaper.
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