TALLAHASSEE, Fla. (AP) — Florida's Board of Administration, chaired by Gov. Rick Scott, agreed Thursday there's no need to revise investment policy for the $131.5 billion Florida Retirement System because a new law changes the benefits and contributions.

The board also received a report showing the fund grew by $3.6 billion during the first quarter of the year and that it can pay its monthly obligations on a timely basis.

Scott, Attorney General Pam Bondi and Chief Financial Officer Jeff Atwater, all Republicans, accepted recommendations from a consulting firm and advisory panel to stick with a policy adopted last year by their predecessors.

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