Federal Retirement Thrift / TSP
PensionFederal · as of 2024
AUM
$845B
Held in U.S. securities
$730B
86% of AUM
Return target
Defined-contribution plan — no plan-level return target; participants choose allocations.
Asset allocation policy
Target weights set by the board in the plan's Investment Policy Statement; performance is measured against the listed benchmarks.
| Asset class | Target | Benchmark | $ value |
|---|---|---|---|
| C Fund (S&P 500) | 33% | S&P 500 | $279B |
| G Fund (special-issue Treasuries) | 24% | Statutory rate (avg. of 4+ year Treasury yields) | $203B |
| L Funds (target-date blends) | 22% | Composite of C/S/I/F/G per glide path | $186B |
| S Fund (small/mid-cap U.S.) | 9% | Dow Jones U.S. Completion TSM (Wilshire 4500) | $76B |
| I Fund (international developed) | 7% | MSCI ACWI IMI ex-U.S. ex-China ex-Hong Kong | $59B |
| F Fund (Bloomberg U.S. Agg) | 4% | Bloomberg U.S. Aggregate Bond Index | $34B |
| Mutual Fund Window | 1% | Participant-selected mutual funds (5,000+ available) | $8B |
Holdings overview
Holdings track index benchmarks: C Fund holds the full S&P 500, S Fund holds the Dow Jones U.S. Completion (Wilshire 4500), I Fund holds MSCI ACWI IMI ex-U.S., F Fund holds the Bloomberg U.S. Aggregate. G Fund is invested entirely in non-marketable U.S. Treasury securities issued specifically to the Thrift Savings Plan.
Board mandates
- Statutory mission (FERSA, 5 U.S.C. § 8351 et seq.): provide federal employees a low-cost retirement savings vehicle.
- No active management of core funds — five index funds plus L target-date blends.
- BlackRock manages the C, S, I, and F funds; G Fund is non-marketable Treasuries earning a statutory rate.
- Expense ratios capped near zero; all-in costs ~3 bps in 2024.
- No social-screen mandates; statutory neutrality.
Source: www.tsp.gov