215.475  Investment plan.--

(1)  In making investments for the System Trust Fund pursuant to ss. 215.44-215.53, the board shall make no investment which is not in conformance with the Florida Retirement System Total Fund Investment Plan, hereinafter referred to as "the plan," as developed by the executive director and approved by the board. The plan must include, among other items, the investment objectives of the System Trust Fund; permitted types of securities in which the board may invest; and evaluation criteria necessary to measure the investment performance of the fund. As required from time to time, the executive director of the board may present recommended changes in the plan to the board for approval.

(2)  Prior to any recommended changes in the plan being presented to the board, the executive director of the board shall present such changes to the Investment Advisory Council for review. The council shall present the results of its review to the board prior to the board's final approval of the plan or changes in the plan.