UAO Registry · Top 100 · Rank 10 · Public pension DC plan · United States
Last researched: Sunday 6 September 2026 (ET). Corrections: info@universalassetowners.com
- Executive brief
- Speakable summary
- Mandate & ownership
- Scale & portfolio
- Asset allocation depth
- Governance & leadership
- Board & executive roster
- Investment options & philosophy
- Core funds playbook
- Lifecycle Funds
- Managers & tracking
- Costs & expenses
- Participant behavior & demographics
- Climate / ESG / stewardship notes
- Performance & reporting
- Returns tables
- Controversies & debates
- Timeline
- Board packet & minutes depth
- Annual Report to Congress depth
- Outbound reports checklist
- Reading notes vs peers
- Research method
- Official phrasing bank
- Data caveats
- Deliberate omissions
- Related UAO links
- FAQ
- Sources & further reading
- Official video
- Completeness note
Executive brief: who is the Thrift Savings Plan (TSP)?
The Thrift Savings Plan (TSP) is the United States’ federal defined contribution retirement savings plan for civilian employees and members of the uniformed services. It is administered by the Federal Retirement Thrift Investment Board (FRTIB), an independent federal agency established under the Federal Employees’ Retirement System Act of 1986 (FERSA) (see 5 U.S.C. §§ 8351; 8401 et seq.). FRTIB’s statutory charge is to administer the TSP solely in the interest of participants and beneficiaries.
Latest dated scale (prefer official USD Thrift Savings Fund figures): as of 31 May 2026, FRTIB’s Thrift Savings Fund Statistics in the June 2026 Board Member Packet reported total assets of about US$1,155.9 billion (~US$1.156 trillion), with Roth assets about US$97 billion. Year-end 31 December 2025 total assets were US$1,073.2 billion per the Investment Program Review. As of May 2026 the plan reported 7,325,267 accounts and an average balance of US$157,797 (FERS average US$233,829). Seed-era “~US$900B+” language is superseded by these dated official disclosures — do not invent intermediate estimates.
Leadership for researchers: Board Chair Mike Gerber; Executive Director Ravindra Deo (official bio: Executive Director of the largest defined contribution plan in the world; joined FRTIB in 2015 as CIO). Board members published on frtib.gov/board-members/: Dana Bilyeu; Leona M. Bridges (person SSR not yet live — name only); Stacie Olivares. COO & Deputy Executive Director Suzanne Tosini. Chief Investment Officer Michael Jerue was introduced at the March 2026 Board meeting (person SSR not yet live — name only).
Why researchers care: the TSP is among the world’s largest defined contribution systems by assets; publishes monthly participant statistics and investment program reviews to a five-member presidentially appointed Board; runs ultra-low net expense ratios (3.4 bp in 2025); and offers a transparent five-fund core plus Lifecycle Funds used as the plan default. Related UAO hubs: Registry, Top 100, peers GPIF, NPS, NBIM, GIC.
Mandate & ownership
Legal chain (opened FRTIB materials): FERSA / 5 U.S.C. §§ 8351; 8401 et seq. → Federal Retirement Thrift Investment Board (independent agency; Board members establish policies for investment and management of the Thrift Savings Fund under 5 U.S.C. § 8472(f)) → Executive Director (day-to-day administration) → recordkeeping and investment operations → participant accounts in the Thrift Savings Fund. The Employee Thrift Advisory Council (ETAC) advises on investment policy and plan administration; the Board and Executive Director meet with ETAC at least annually.
Mission language on frtib.gov: FRTIB’s mission is to help current and former civilian employees and members of the uniformed services prepare for their retirement years via the TSP. Strategic Plan FY2022–2026 goals published on the Agency site: improve participant retirement outcomes; provide top-tier defined contribution service; function as a high-performing Agency; and transition successfully to a managed services operating model.
What the mandate is: a statutory DC plan offering tax-advantaged savings similar in concept to private-sector IRC §401(k) plans, with agency/service matching for FERS and Blended Retirement System (BRS) participants, invested in government securities and indexed equity/fixed-income funds. What it is not: a discretionary sovereign wealth fund; a DB public pension with an employer-funded liability surplus/deficit narrative; or a retail brokerage. Participant contributions, employer matches, and investment returns belong to participant accounts under plan rules.
The Official FRTIB Homepage nd " />Board Meeting 09:00 a.m.EST Tuesday, September 22 nd nd " />Board Meeting 09:00 a.m.EST Tuesday, September 22 nd The Board will be meeting at 09:00 a.m.EST on Tuesday, September 22 nd . Members of the public who are interested have 2 options to listen to the Board meeting: By phone 1-202-599-1426 conference ID: 605 436 724#, One-touch Dial: 1-202-599-1426,605436724# By browser Board Meeting Tuesday, September 22 nd Click the above button and choose 'Continue on this browser' Attendees using the Teams link will be able to listen to the meeting and view the materials being discussed.
Their lines will be muted. FRTIB --> Federal Retirement Thrift Investment Board Menu Home Board, Executive Director, and ETAC Reading Room Reading Room FERSA Regulations Financial Statements FRTIB Strategic Plan Reports to Congress Fact Sheets Press Releases Participant Surveys Employee Surveys Investment Benchmarks FOIA Meeting Minutes Careers Careers Why Work at FRTIB Who Are We Seeking How to Apply Hiring Process Fair Chance to Compete Act Procurement Procurement Acquisition Process and Methods Contacts TSP.gov Share Facebook Twitter in LinkedIn Email Copy URL A direct link to this page!
Copy Search small FRTIB Strategic Plan FY 2022-2026 FRTIB’s mission is to help current and former civilian employees and members of the uniformed services prepare for their retirement years via the TSP. Download the FY22-26 Strategic Plan to see our plans for the next five years. View the Strategic Plan Our Mission Our Goals The FRTIB is charged by law to administer the TSP solely in the interest of the participants and beneficiaries.
We seek to improve participant retirement outcomes; provide top-tier defined contribution service to participants; function as a high-performing Agency; and transition successfully to a managed services operating model. Overall TSP Satisfaction Extremely Satisfied/Satisfied (84%) Neither Satisfied nor Unsatisfied (13%) Dissatisfied/Extremely Dissatisfied (3%) Learn about TSP Whether you’re new to the TSP, or you need a refresher, we’re here to help with the basics .
Learn about Fund options Visit TSP.gov to learn about the variety of investment options for your retirement. Privacy Policy FOIA No Fear Act Fair Act Accessibility EEO Data AI Onboarding Vulnerability Disclosure FRTIB IPv6 Policy ThriftLine — 1-TSP-YOU-FRST Phone: 1-877-968-3778 Contact Us © Federal Retirement Thrift Investment Board 404 Error - Page not Found nd " />Board Meeting 09:00 a.m.EST Tuesday, September 22 nd nd " />Board Meeting 09:00 a.m.EST Tuesday, September 22 nd The Board will be meeting at 09:00 a.m.EST on Tuesday, September 22 nd .
Members of the public who are interested have 2 options to listen to the Board meeting: By phone 1-202-599-1426 conference ID: 605 436 724#, One-touch Dial: 1-202-599-1426,605436724# By browser Board Meeting Tuesday, September 22 nd Click the above button and choose 'Continue on this browser' Attendees using the Teams link will be able to listen to the meeting and view the materials being discussed.
Their lines will be muted. FRTIB --> Federal Retirement Thrift Investment Board Menu Home Board, Executive Director, and ETAC Reading Room Reading Room FERSA Regulations Financial Statements FRTIB Strategic Plan Reports to Congress Fact Sheets Press Releases Participant Surveys Employee Surveys Investment Benchmarks FOIA Meeting Minutes Careers Careers Why Work at FRTIB Who Are We Seeking How to Apply Hiring Process Fair Chance to Compete Act Procurement Procurement Acquisition Process and Methods Contacts TSP.gov Share Facebook Twitter in LinkedIn Email Copy URL A direct link to this page!
Copy Search small Content start Page not found We're sorry, we can't find the page you're looking for. It might have been removed, changed its name, or is otherwise unavailable. If you typed the URL directly, check your spelling and capitalization. Our URLs look like this: https://www.frtib.gov/search/ .
Source fold: frtib.gov home, Strategic Plan page, Annual Report background, Board minutes statutory citations (opened 2026-09-06).
Scale & portfolio (dated USD)
FRTIB’s public Board packages chart Thrift Savings Fund assets from the mid-2010s through 2025 year-end and into mid-2026. The June 2026 packet’s May 2026 statistics print total assets of US$1,155.9 billion (Roth US$97 billion), after year-end 2025 US$1,073 billion on the packet’s December 31 series and Investment Program Review total of US$1,073.2 billion.
| As-of (official) | Total assets | Roth assets | Accounts / avg balance | Source |
|---|---|---|---|---|
| 31 Dec 2024 | ~$963B (packet YE chart) | — | — | June 2026 Board packet YE series |
| 31 Dec 2025 | $1,073.2B | >$90B (minutes) | ~7.216M YE FY chart | Inv. Program Review Jan 2026; Dec 2025 packet |
| 31 Mar 2026 | $1,049B | $85B | — | June 2026 packet monthly series |
| 30 Apr 2026 | $1,118B | $92B | — | June 2026 packet monthly series |
| 31 May 2026 | $1,155.9B | $97B | 7,325,267 / $157,797 | Thrift Savings Fund Statistics May 2026 |
May 2026 account mix (packet): FERS 4,131,474 accounts (avg $233,829); BRS Uniformed Services 1,735,990 (avg $23,260); Uniformed Services Legacy 1,192,157 (avg $69,199); CSRS 218,983 (avg $257,038); Beneficiary Accounts 46,663 (avg $188,958). Roth accounts totaled 2,873,057 with average Roth balance $33,707.
Cash-flow context (YTD through May 2026): contributions and loan repayments about US$22.40 billion versus withdrawals and loan disbursements about US$33.98 billion, a net outflow near US$11.58 billion. Despite negative net participant flow, total assets rose on market returns — a researcher-relevant distinction versus contribution-driven AUM growth.
ET Board Meeting Agenda Open Session 1. Approval of the May 28, 2026, Board Meeting Minutes 2. Monthly Reports a) Participant Report b) Investment Report c) Legislative Report 3. Quarterly Report d) Vendor Risk Management Office of Participant Experience Presented By Jim Courtney June 23, 2026 Federal Retirement Thrift Investment Board tsp.gov Thrift Savings Plan Highlights – June 2026 • Overall participant satisfaction at 95.28% • Full matching rates for FERS (89.3%) and Active Duty BRS (92%) • General purpose loans • Down ĂƉƉƌŽdžŝŵĂƚĞůLJ2% from April to May • YTD May 2026 transactions up 6% from YTD May 2025 • Hardship withdrawals • Down ĂƉƉƌŽdžŝŵĂƚĞůLJ2% from April to May • YTD May 2026 transactions up 8% from YTD May 2025 2 Questions 3 Thrift Savings Fund Statistics May 2026 Overall participant satisfaction reached a new high of 95.28%.
The full matching rate for Highlights FERS was 89.3% and Active Duty BRS was 92%. General purpose loans and hardship withdrawals were down 2% from April to May. Thrift Savings Fund Assets (billions) Total Assets as of December 31 Total Roth $1,073 $1,200 Assets Assets $963 $1,000 $812 $845 $710 $726 $800 May $1,156 $97 $542 $536 $633 $600 $473 $400 April $1,118 $92 $200 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 March $1,049 $85 Cash Flow Attributes $80 $40 B $33.98 B $70 $40.0 B $33.98 B $60 $30 B B $35.0 Dollars (billions) $50 $22.40 B $40 $30.0 B $20 B $22.40 B $30 $25.0 B $20 $20.0 $10 B B $10 $0 $15.0 B $0 B -$10 $10.0 B -$20 $5.0 - $10 B B -$656.0M -$30 - $11.58 B $0.0 B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 - $20 B 2026 YTD YTD 2026 Calendar Year Contributions andand Contributions Loan Repayment Loan Repayment Withdrawals and and Withdrawals Loan Disbursements Loan Disbursements Contributions and Loan Repayment Withdrawals and Loan Disbursements Net Flow Net Flow Net Flow Total Accounts and Average Balance (current month) Total Number Total Number of Roth Average Roth of Accounts Average Balance Accounts Balance FERS 4,131,474 $233,829 1,173,647 $42,442 BRS Uniformed Services 1,735,990 $23,260 1,073,150 $19,515 Uniformed Services 1,192,157 $69,199 613,390 $41,605 Legacy CSRS 218,983 $257,038 8,882 $50,868 Beneficiary Accounts 46,663 $188,958 3,988 $29,252 Total 7,325,267 $157,797 2,873,057 $33,707 Page 1 of 5 Participation Rates (current month)1 Historical Participation Rates by Calendar Year 96.2% 100% 89.6% 100% 94.1% 94.4% 94.8% 94.9% 95.6% 78.2% 86.8% 87.5% 87.1% 89.2% 85.5% 80% 77.0% 76.8% 76.1% 73.8% 75.5% 80% 60% 60% 40% 40% 20% 20% 0.5% 0.5% 0% 0% 2021 2022 2023 2024 2025 FERS BRS Legacy US Opt-Out (FERS) FERS BRS Legacy Uniformed Services Opt-Out (BRS) Full Matching (5%) Rates2 Historical Full Matching Rates by Calendar Year (current month) 100% 92.0% 91.6% 100% 89.3% 86.9% 90.6% 85.6% 87.9% 88.4% 88.4% 89.5% 83.8% 85.5% 76.1% 81.8% 80.0% 80.9% 80% 80% 75.2% 68.4% 60% 60% 40% 40% 20% 20% 0% 0% May 2021 2022 2023 2024 2025 FERS BRS Active Duty BRS Ready Reserve FERS BRS Active Duty BRS Ready Reserve Participant Counts for Current Month (thousands) 1 1 1 FERS BRS Uniformed Services Uniformed Services Legacy FERS Uniformed Services 3 BRS US (Contributing) Legacy (Contributing) (Contributing) 1,434 410 416 FERS (Not BRS US (Not Uniformed Services Contributing) Contributing) 660 Legacy (Not 2,526 138 Contributing) 1,188 99 Separated BRS Separated 116 Uniformed Services Separated Plan Participation (thousands) 1 Overall TSP Participation Historical Plan Participation by Calendar Year 8,000 6,487 6,643 6,881 7,103 7,187 7,000 Contributing 6,000 5,000 2,712 4,003 4,134 4,212 4,141 Non-Contributing 3,933 4,000 4,137 3,000 2,649 2,193 2,300 2,412 Separated 2,035 2,000 357 1,000 519 447 447 479 397 0 2021 2022 2023 2024 2025 Contributing Non Contributing Separated Total Page 2 of 5 Post-Separation Withdrawal Activity Historic Participant Post-Separation Counts Transactions Withdrawals (in thousands) Post-Separation Withdrawals Dollars (Partial Withdrawals & Initial Monthly Pmts) (Partial Withdrawals & Initial Monthly Pmts) 800 K 50 K rticipants (current month) $30 B $200 M 720 K Initial Monthly Pmts 640 K 40 K $25 B Initial Monthly Pmts Partial Withdrawals Partial Withdrawals $150 M 560 K $20 B 480 K 30 K 400 K $15 B $100 M 320 K 20 K 240 K $10 B $50 M 160 K 10 K $5 B 80 K 0 0 $0 $0 2021 2022 2023 2024 2025 2026 2026 2021 2022 2023 2024 2025 2026 Run 2026 YTD Run YTD Partial Withdrawals Initial Monthly Pmts Partial Withdrawals Dollars Initial Monthly Pmts Dollars Post-Separation Withdrawals Transactions Post-Separation Withdrawals Dollars (Ongoing Monthly Pmts) (Ongoing Monthly Pmts) 4.0 M $5 B 3.0 M $4 B $3 B 2.0 M $2 B 1.0 M $1 B 0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Post-Separation Annuity Transactions Post-Separation Annuity Dollars 1.5 K $400 M $300 M 1.0 K $200 M 500.0 $100 M 0.0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Post-Separation Withdrawals Transactions Post-Separation Withdrawals Dollars 4 Total Distributions (Cash & Transfers) Total Distributions (Cash & Transfers) 350 K $33 B $30 B 300 K $27 B 250 K $24 B $21 B 200 K $18 B $15 B 150 K $12 B 100 K $9 B $6 B 50 K $3 B 0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Single Pmts (Cash) Single Pmts (Transfers) Single Pmts (Cash) Dollars Single Pmts (Transfers) Dollars Page 3 of 5 In-Service Withdrawal Activity Age-Based & Hardship Transactions Age-Based & Hardship Dollars 700 K $18 B 600 K $15 B 500 K 400 K $12 B 300 K $9 B 200 K $6 B 100 K $3 B 0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Age-based Pmts Hardship Pmts Age-based Dollars Hardship Dollars Loan Activity General Purpose Loans Residential Loans 560 K $8 B 25 K $600 M 480 K 20 K 400 K $6 B $400 M 15 K 320 K $4 B 240 K 10 K $200 M 160 K $2 B 5K 80 K 0 $0 0 $0 2021 2022 2023 2024 2025 2026 2026 2021 2022 2023 2024 2025 2026 Run 2026 YTD Run YTD General Purpose Loans General Purpose Loan Dollars Residential Loans Residential Loans Dollars Other Activity Participant-Submitted Check Transactions Participant-Submitted Checks Dollars 700 K $4.0 B 600 K $3.5 B 500 K $3.0 B $2.5 B 400 K $2.0 B 300 K $1.5 B 200 K $1.0 B 100 K $0.5 B 0 $0.0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Loan Payment Checks Rollover Checks Loan Payment Dollars Rollover Dollars Legal Processing Transactions Legal Processing Dollars 30 K $1.5 B 25 K $1.2 B 20 K $0.9 B 15 K $0.6 B 10 K $0.3 B 5K 0 $0.0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Court Orders Death Benefits Pmts Court Orders Dollars Death Benefits Pmt Dollars Page 4 of 5 MFW Accounts - Year End MFW Accounts - Month End 10 K 10 K 9K 9K 8K 8K 7K 7K 6K 6K 5K 5K 4K 4K 3K 3K 2K 2K 1K 1K 0 0 2023 2024 2025 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Human Interaction and Complex Service Channels (current month) Calls AVA / Live Chat 320 K 120 K 110,012 240 K 100 K 170,824 169,442 80 K 160 K 60 K 80 K 40 K 20 K 12,175 0 0 Queued Answered Answered by Virtual Assistant Answered by Live Chat 5 Written Correspondence and Email Participant Satisfaction Score (Three-month lookback) 9K 94.74% 94.70% 95.28% 100% 8K 7K 80% 6K 5,380 5,326 5K 60% 4K 2,844 2,713 40% 3K 2K 20% 904 1,035 734 788 1K 0 0% Written Correspondence Email March April May Outstanding Received Answered EOM Outstanding 1.
Counts of total contributing participants are dependent on posting dates of agency payrolls. Does not include payroll corrections which may impact full match percentages. This number does not include those with Agency 1% Contributions only and making no employee (Roth/Traditional) contribution of their own.
Participants may elect to transfer all or part of their single payments. If only a portion is transferred, each portion (cash and transfer) is counted separately. The participant satisfaction score takes into account phone calls, web, mobile, email, and chat. Page 5 of 5 May 2026 Investment Report Presented By Mike Jerue, Chief Investment Officer June 23, 2026 Federal Retirement Thrift Investment Board tsp.gov May 2026 Asset Manager Performance I Fund Performance • F, C, and S Funds: BlackRock May 2026 and State Street delivered 6.00% 5.53% returns in line with 5.04% 4.90% 4.87% benchmarks 5.00% • I Fund: Both managers lagged 4.00% International Index, primarily due to fair value pricing (FVP) 3.00% o FVP caused both managers to outperform in March, 2.00% underperform in April o FVP tends to reverse itself 1.00% over time 0.00% I Fund BlackRock State Street International Index 2 May 2026 Asset Milestones Asset Allocation as of May 31, 2026 • C Fund: Finished month Participant Allocation Individual TSP Funds above $500 billion Assets Share of Assets Share of (Billions) Total (Billions) Total • I Fund: Finished month G Fund $241.5 20.9% $323.8 28.0% above $150 billion F Fund $22.5 1.9% $39.7 3.4% • L Funds: Finished month C Fund $398.3 34.5% $507.9 43.9% above $300 billion S Fund $103.8 9.0% $131.2 11.4% I Fund $78.4 6.8% $152.4 13.2% L Funds $310.5 26.9% n/a n/a MFW $0.9 0.1% $0.9 0.1% Total $1,155.9 100.0% $1,155.9 100.0% *Components may not sum to totals due to rounding.
3 May 2026 Investment Highlights Approximately 2% of participants moved assets between funds 4 Questions 5 MEMORANDUM FOR BOARD MEMBERS GERBER, BILYEU, BRIDGES, AND OLIVARES FROM: Mike Jerue, Chief Investment Officer DATE: June 23, 2026 SUBJECT: May 2026 Investment Program Review INTRODUCTION This report reviews key aspects of the TSP’s investment program, including performance, benchmark differences, interfund transfer activity, and participant allocations.
RETURNS AND BENCHMARK DIFFERENCES The tables below contain the monthly and year-to-date (YTD) returns and benchmark differences for the F, C, S, and I Funds and for the separate accounts managed by BlackRock and State Street. Due to rounding, the benchmark differences may not match the differences in displayed returns.
May 2026 Returns and Benchmark Differences Fixed Income Large Cap Small Mid Cap International (F Fund) (C Fund) (S Fund) (I Fund) Index 0.31% 5.26% 4.46% 5.53% BlackRock 0.32% 5.26% 4.49% 4.87% Return State Street 0.34% 5.26% 4.47% 5.04% TSP Fund (Net) 0.33% 5.26% 4.49% 4.90% Benchmark BlackRock 0.01% 0.00% 0.03% -0.67% Difference State Street 0.03% 0.00% 0.01% -0.50% TSP Fund 0.01% 0.00% 0.03% -0.64% BlackRock’s performance for the F and C Funds was in line with the Funds’ respective indices for the month.
For the S Fund, BlackRock was ahead of the Small Mid Cap Index by 3 basis points, primarily due to securities sampling. Its performance for the I Fund lagged the International Index by 67 basis points, primarily due to fair value pricing. State Street’s performance for the F Fund was ahead of the Fixed Income Index by 3 basis points, primarily due to securities lending and interest earned on cash in the Fund.
Its performance for the C and S Funds was in line with the Funds’ respective indices for the month. For the I Fund, State Street lagged the International Index by 50 basis points, primarily due to fair value pricing. 1 2026 YTD Returns and Benchmark Differences Fixed Income Large Cap Small Mid Cap International (F Fund) (C Fund) (S Fund) (I Fund) Index 0.38% 11.27% 13.37% 16.24% BlackRock 0.49% 11.27% 13.49% 16.59% Return State Street 0.53% 11.27% 13.48% 16.49% TSP Fund (Net) 0.49% 11.26% 13.48% 16.56% Benchmark BlackRock 0.12% 0.01% 0.12% 0.36% Difference State Street 0.15% 0.00% 0.11% 0.26% TSP Fund 0.11% 0.00% 0.11% 0.32% Year-to-date, BlackRock’s performance for the F Fund was ahead of the Fixed Income Index by 12 basis points, primarily due to a difference in the timing of pricing by the index provider and by BlackRock on the last trading day of December 2025.
Its performance for the C Fund was in line with the Large Cap Index. For the S Fund, BlackRock was ahead of the Small Mid Cap Index by 12 basis points, primarily due to securities lending and securities sampling. Its performance for the I Fund exceeded the International Index by 36 basis points, primarily due to fair value pricing.
Source fold: June 2026 Board Member Packet (Thrift Savings Fund Statistics May 2026); Dec 2025 Participant Activity Report; Jan 2026 Investment Program Review.
Asset allocation depth
FRTIB reports both participant allocation (how participants allocate across G/F/C/S/I/L/MFW) and individual TSP fund basis (L Fund underlying exposures rolled into G/F/C/S/I). Cite the basis when quoting shares.
| Bucket | 31 Dec 2025 participant $B | % | 31 Dec 2025 individual $B | % | 31 May 2026 participant $B | % | 31 May 2026 individual $B | % |
|---|---|---|---|---|---|---|---|---|
| G Fund | 240.5 | 22.4% | 317.7 | 29.6% | 241.5 | 20.9% | 323.8 | 28.0% |
| F Fund | 23.3 | 2.2% | 39.3 | 3.7% | 22.5 | 1.9% | 39.7 | 3.4% |
| C Fund | 375.9 | 35.0% | 474.3 | 44.2% | 398.3 | 34.5% | 507.9 | 43.9% |
| S Fund | 92.8 | 8.6% | 117.4 | 10.9% | 103.8 | 9.0% | 131.2 | 11.4% |
| I Fund | 57.3 | 5.3% | 123.6 | 11.5% | 78.4 | 6.8% | 152.4 | 13.2% |
| L Funds | 282.6 | 26.3% | n/a | n/a | 310.5 | 26.9% | n/a | n/a |
| MFW | 0.8 | 0.1% | 0.8 | 0.1% | 0.9 | 0.1% | 0.9 | 0.1% |
| Total | 1,073.2 | 100% | 1,073.2 | 100% | 1,155.9 | 100% | 1,155.9 | 100% |
Researcher annotation: on an individual-fund basis the C Fund alone was about 43.9% of the plan at 31 May 2026 (US$507.9B), underscoring S&P 500 exposure as the dominant risk factor for the aggregate Thrift Savings Fund. L Funds collectively crossed US$310B participant allocation by May 2026 (26.9%). The Mutual Fund Window remains small relative to core/L assets (~0.1%).
Asset Allocation Participant Asset Allocation History as of December 31, 2025 50% 45% 40% 35% C 30% L 25% G 20% 15% 10% S 5% I F 0% MFW Asset Allocation as of December 31, 2025 Participant Allocation Individual TSP Funds Assets Share of Assets Share of (Billions) Total (Billions) Total G Fund $240.5 22.4% $317.7 29.6% F Fund $23.3 2.2% $39.3 3.7% C Fund $375.9 35.0% $474.3 44.2% S Fund $92.8 8.6% $117.4 10.9% I Fund $57.3 5.3% $123.6 11.5% L Funds $282.6 26.3% n/a n/a MFW $0.8 0.1% $0.8 0.1% Total $1,073.2 100.0% $1,073.2 100.0% *Components may not sum to totals due to rounding.
6 Lifecycle (L) Funds Assets by L Fund $70 $64.1 $64.3 $64.1 $64.6 $60 $54.5 $55.1 $50 Assets (billions) $39.4 $39.3 $40 $30 $20 $16.3 $16.7 $10.8 $11.1 $10.9 $11.2 $8.3 $8.7 $8.9 $10 $8.0 $1.8 $1.9 $1.1 $1.2 $0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 11/30/2025 12/31/2025 Accounts by L Fund 1,400 1,200 1,173 1,169 1,000 Accounts (thousands) 800 709 711 601 599 600 465 463 410 412 400 340 334 332 337 217 218 179 180 179 191 200 12 14 0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 11/30/2025 12/31/2025 7 Participation History of the L Funds as of December 31, 2025 8.0 7,298,608 7.0 6.0 Accounts (millions) 5.0 4,052,997 (56% of accounts) 4.0 3.0 December 2018: BRS window closes January 2018: BRS window opens 2.0 September 2015: L Funds become default for 2,957,535 new FERS participants (41% of accounts) 1.0 0.0 All Accounts Accounts Invested in At Least One L Fund Accounts 100% Invested in L Funds Interfund Transfer Activity Monthly Net Interfund Transfers December 2025 $8,000 $6,000 $5,694 Monthly Net Interfund Transfers (millions) $4,000 $2,000 $431 $168 $9 $0 ($2,000) ($1,612) ($2,441) ($2,250) ($4,000) G Fund F Fund C Fund S Fund I Fund L Funds MFW *Values may not sum to zero due to rounding.
8 PROXY VOTING – THIRD QUARTER 2025 An audit of BlackRock’s proxy voting conducted by ISS found no exceptions to BlackRock’s established guidelines during the third quarter of 2025. An audit of State Street’s proxy voting conducted by ISS found no exceptions to State Street’s established guidelines during the third quarter of 2025.
Copies of the audit reports are provided in this report as Attachments 1 and 2. The ISS audit reports for the fourth quarter of 2025 are not yet available. CLASS ACTION SETTLEMENTS – THIRD QUARTER 2025 BlackRock began the third quarter with 93 open claims. During the quarter, 17 claims were opened: three claims in the C Fund, 13 claims in the S Fund, and one claim in the I Fund.
Eighteen claims were closed during the quarter. Five claims in the C Fund and 11 claims in the S Fund were settled for $594,183 and $2,528,309, respectively. Two S Fund claims were closed due to administrator action. Residual payments from 28 previously closed claims were $444,211.
Ninety- two claims remained open at the end of the quarter. Open at Opened Closed Open Total of Settled Start of During During Claims Claims in Quarter Quarter Quarter Outstanding 2025 F Fund 3 - - 3 $17,717 C Fund 23 3 5 21 $2,121,246 S Fund 64 13 13 64 $5,367,619 I Fund 3 1 - 4 $288,804 Total 93 17 18 92 $7,795,386 State Street began the third quarter with 41 open claims.
During the period, sixteen claims were opened. Two claims were opened in the C Fund, 13 claims were opened in the S Fund, and one claim was opened in the I Fund. One claim in the C Fund and six claims in the S Fund were settled for $12,713 and $155,552, respectively. One claim in the C Fund and one claim in the S Fund were closed due to administrator action.
Forty-eight claims remained open at the end of the quarter. Open at Opened Closed Open Total of Settled Start of During During Claims Claims in Quarter Quarter Quarter Outstanding 2025 F Fund - - - - $0 C Fund 4 2 2 4 $44,913 S Fund 35 13 7 41 $992,940 I Fund 2 1 - 3 $0 Total 41 16 9 48 $1,037,853 ATTACHMENTS Attachment 1: Audit Report on BlackRock’s Proxy Voting in the Third Quarter of 2025 Attachment 2: Audit Report on State Street’s Proxy Voting in the Third Quarter of 2025 9 ANNUAL REVIEW OF INVESTMENT POLICY The G Fund investments produce long-term yields while incurring no market risk.
Source fold: FRTIB Investment Program Review December 2025 (Jan 2026 memo); June 2026 Board packet asset-allocation tables.
Governance & leadership
The Board is a five-member body; Chair Mike Gerber convened open monthly meetings in 2025–2026 with public teleconference access. Meeting minutes and attachments (participant activity, investment program review, budget, legislative reports) are posted in the FRTIB Reading Room. Executive Director Ravindra Deo runs the Agency; Suzanne Tosini serves as COO and Deputy Executive Director. General Counsel & Secretary Dharmesh Vashee; Office of Participant Experience Director James Courtney; External Affairs Director James L. Kaplan appear repeatedly in 2026 minutes.
Ravindra Deo joined FRTIB in 2015 as Chief Investment Officer, served as acting COO (June 2016–February 2017) and acting Executive Director (May–August 2017), and now serves as Executive Director. Official bio notes 29 prior years in asset management (IIT Delhi B.Tech; UC Berkeley MBA) spanning overlay allocation, early ETF work, lifestyle funds, and institutional manager research.
Mike Gerber’s official Board bio describes a senior advisor and retired partner at Future Standard (formerly FS Investments), co-founder/advisor to Intrinsic Capital Partners, prior Pennsylvania House member, and former trustee of Pennsylvania’s State Employees’ Retirement System (Audit and Investment Committees). Education: University of Pennsylvania undergraduate; Villanova University School of Law.
CIO transition: Sean McCaffrey authored the 27 January 2026 Investment Program Review as Chief Investment Officer. At the 24 March 2026 meeting, Mr. Deo introduced Michael Jerue as the Agency’s new Chief Investment Officer. This profile records both names from minutes without inventing appointment dates beyond those disclosures.
Board Members, Executive Director and ETAC nd " />Board Meeting 09:00 a.m.EST Tuesday, September 22 nd nd " />Board Meeting 09:00 a.m.EST Tuesday, September 22 nd The Board will be meeting at 09:00 a.m.EST on Tuesday, September 22 nd . Members of the public who are interested have 2 options to listen to the Board meeting: By phone 1-202-599-1426 conference ID: 605 436 724#, One-touch Dial: 1-202-599-1426,605436724# By browser Board Meeting Tuesday, September 22 nd Click the above button and choose 'Continue on this browser' Attendees using the Teams link will be able to listen to the meeting and view the materials being discussed.
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Copy Search small Content start Board, Executive Director, and ETAC Board Mike Gerber (Chair) Mr. Gerber is a senior advisor and retired partner at the Philadelphia-based multi-strategy alternative investment firm Future Standard, formerly named FS Investments. He is also a co-founder of and advisor to Intrinsic Capital Partners, a growth equity firm.
Earlier in his career, Mr. Gerber practiced law at what is now Faegre Drinker Biddle & Reath LLP, where he was a member of the firm’s Corporate and Securities practice group. He also served in several public service roles, including as a member of the Pennsylvania House of Representatives and a trustee of Pennsylvania’s State Employees’ Retirement System, where he was a member of the Audit and Investment Committees.
Gerber founded and serves as Chair Emeritus of the Board of Financial Scholars, a multi-state nonprofit focused on providing high school students personal finance and business enrichment education. Gerber earned his undergraduate degree from the University of Pennsylvania and graduated from Villanova University School of Law, where he received a scholarship award for his involvement in community legal services.
Gerber and his wife have three children and live in the Philadelphia suburbs. Bilyeu is the Executive Director of the National Association of State Retirement Administrators (NASRA), an organization of the CEOs of statewide pension plans in all states and territories of the United States.
Prior to her appointment as the Executive Director of NASRA, Ms. Bilyeu served for ten years as the Executive Officer of the Public Employees’ Retirement System of Nevada. Bilyeu was nominated by the President and confirmed by the Senate to the Social Security Advisory Board. The Advisory Board is an independent, bipartisan board created by Congress and appointed by the President and the Congress to advise the President, the Congress, and the Commissioner of Social Security on matters related to Social Security and Supplemental Security Income programs.
Bilyeu serves on the Public Employee Board of the International Foundation of Employee Benefit Plans and the Board of Directors of the National Institute on Retirement Security. She received her juris doctor from California Western School of Law and her B.A. from the University of Arizona.
Bridges is a Commissioner for the San Francisco Employees’ Retirement System, where she serves as chair of the Deferred Compensation Committee. She is a former Director for the Municipal Transportation Agency and was a Commissioner for the San Francisco Parking Authority of the City & County of San Francisco, where she continues to serve on the Bond Oversight Committee.
For more than two decades, Ms. Bridges was a Managing Director at Barclays Global Investors (acquired by BlackRock in 2009), becoming the world’s largest asset manager in combined assets under management. During her career in the financial services industry, she focused on asset management as it related to global securities lending/trading, collateral management, custody services, client services, and business development.
Source fold: frtib.gov/board-members/; Jan & Mar 2026 Board meeting minutes.
Board & executive roster
Names below are from frtib.gov Board/ED/ETAC pages and 2026 Board minutes. Only person SSR links verified HTTP 200 in this ship are hyperlinked.
| Name | Role | UAO person SSR |
|---|---|---|
| Mike Gerber | Board Chair | linked |
| Dana K. Bilyeu | Board member | linked |
| Leona M. Bridges | Board member | name only (SSR 404) |
| Stacie Olivares | Board member | linked |
| Ravindra Deo | Executive Director | linked |
| Suzanne Tosini | COO & Deputy Executive Director | linked |
| Michael Jerue | Chief Investment Officer (introduced Mar 2026) | name only |
| Sean McCaffrey | Chief Investment Officer (through Jan 2026 materials) | name only |
| Dharmesh Vashee | General Counsel & Secretary | name only |
| James Courtney | Director, Office of Participant Experience | name only |
| Gisile Goethe | Director, Office of Resource Management | name only |
| Jason Boyd | Chief Information Officer | name only |
| Brittany Borg | Chief Risk Officer / Office of Planning and Risk | name only |
| Trevor Williams / Eric Twyman | CFO / Acting CFO (as named in minutes) | name only |
| James L. Kaplan | Director, Office of External Affairs | name only |
HQ address published on Board memoranda: 77 K Street NE, Washington, DC 20002. Public ThriftLine contact channels exist on tsp.gov; this profile does not reproduce private staff emails or office direct-dial directories from HTML footers.
ETAC: the Employee Thrift Advisory Council comprises representatives from Federal and Postal unions and management associations, plus a Department of Defense representative for uniformed service members. ETAC advises on TSP investment policies and plan administration; roster PDF is linked from frtib.gov board-members.
Investment options & philosophy
TSP participants can invest employee and employer contributions in five core funds — Government Securities Investment Fund (G Fund), Fixed Income Index Investment Fund (F Fund), Common Stock Index Investment Fund (C Fund), Small Cap Stock Index Investment Fund (S Fund), and International Stock Index Investment Fund (I Fund) — plus eleven Lifecycle Funds that are custom target-date portfolios invested exclusively in those five cores. Qualified participants may also use the Mutual Fund Window. The Agency’s investment program emphasizes index tracking with explicit monthly/annual benchmark-difference reporting to the Board.
Plan-design milestones called out in the 2025 Annual Report background: default deferral rate raised to 5% from 3% (1 October 2020); spillover catch-up method (1 January 2021); second general-purpose loan authorized and Mutual Fund Window implemented (1 June 2022); L 2075 Fund added and L 2025 retired/merged into L Income (as of 30 June 2025). Roth in-plan conversions became available beginning 28 January 2026 per tsp.gov and Dec 2025 participant highlights.
Annual Report of the Thrift Savings Plan Required by §105 of the TSP Enhancement Act of 2009 June 30, 2026 Contents Introduction ........................................................................................................................................ 1 Appendix A.............................................................................................................................................
2 Highlights at a Glance ........................................................................................................................... 3 Introduction ...........................................................................................................................................
4 Background ............................................................................................................................................ 4 Data Collection and Methodology ......................................................................................................
5 Analysis ................................................................................................................................................... 6 Plan Participation ..........................................................................................................................................................................
6 Deferral Rates .................................................................................................................................................................................. 8 Investment Allocation ................................................................................................................................................................
11 Loan and Hardship Withdrawal Usage ........................................................................................................................... 14 Summary ..............................................................................................................................................
16 Appendix B ................................................................................................................................. 17 Appendix C .................................................................................................................................
18 Introduction Introduction In compliance with §105 of the TSP Enhancement Act of 2009, Public Law 111- 31, the Federal Retirement Thrift Investment Board (FRTIB) has prepared this annual report. The report provides an update of the Thrift Savings Plan (TSP), including plan statistics and investment managers’ information.
1 Appendix A Participant Behavior and Demographics (FERS) 2021-2025 Analysis 2 Highlights at a Glance Link Key FERS Statistics 2021 2022 2023 2024 2025 Figure 1 FERS Participation Rate 95.5% 95.1% 95.9% 95.9% 96.2% Figure 3 FERS Deferral Rate 8.4% 8.9% 9.1% 9.2% 9.3% Figure 5 FERS Traditional Deferral Rate 7.5% 8.0% 7.9% 7.7% 7.6% FERS Roth Deferral Rate 5.9% 7.1% 7.1% 7.1% 7.0% Figure 9 FERS Loans Usage 7.0% 6.6% 8.3% 8.5% 9.5% FERS Hardship Withdrawals Usage 4.0% 2.1% 3.1% 3.8% 4.9% 3 Introduction rate to 5% from 3%.
• January 1, 2021, the plan implemented a spillover method for catch-up contributions The Federal Retirement Thrift Investment Board which ensures participants who are eligible for (FRTIB) conducted an analysis of the participant catch-up contributions (age 50 or over) would demographics of the Thrift Savings Plan (TSP) based on have their elective deferrals automatically spill participant data.
Source fold: 2025 Annual Report of the Thrift Savings Plan (June 30, 2026) Background & Highlights.
Core funds playbook
- G Fund — Government securities; unique special-issue Treasury mechanism; 2025 net 4.44%; May 2026 1-year net 4.40%.
- F Fund — U.S. fixed income index (Bloomberg U.S. Aggregate Bond Index benchmark in Board reviews); 2025 net 7.21% vs index 7.30%.
- C Fund — Large-cap U.S. equities (S&P 500); 2025 net 17.85%; May 2026 1-year net 29.76%; ~44% of plan on individual-fund basis.
- S Fund — Small/mid-cap U.S. (Dow Jones U.S. Completion TSM Index); 2025 net 11.38%; May 2026 1-year net 30.48%.
- I Fund — International equities; index path MSCI EAFE through 31 July 2024, then MSCI ACWI IMI ex USA ex China ex Hong Kong; 2025 net 32.45%; May 2026 1-year net 34.93%.
Benchmark-difference discipline: Board investment reviews show C Fund tracking within a few basis points of the S&P 500 over 1-, 3-, 5-, and 10-year windows; S and I Funds often show small positive differences from securities lending, sampling, tax advantage, and fair-value pricing effects explained in CIO memos.
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 77 K Street NE, Washington, DC 20002 MEMORANDUM FOR BOARD MEMBERS GERBER, BILYEU, BRIDGES, AND OLIVARES FROM: Sean McCaffrey, Chief Investment Officer DATE: January 27, 2026 SUBJECT: December 2025 Investment Program Review INTRODUCTION This report reviews key aspects of the TSP’s investment program, including performance, benchmark differences, interfund transfer activity, and participant allocations.
RETURNS AND BENCHMARK DIFFERENCES The tables below contain the monthly and year-to-date (YTD) returns and benchmark differences for the F, C, S, and I Funds and for the separate accounts managed by BlackRock and State Street. Due to rounding, the benchmark differences may not match the differences in displayed returns.
December 2025 Returns and Benchmark Differences Fixed Income Large Cap Small Mid Cap International (F Fund) (C Fund) (S Fund) (I Fund) Index -0.15% 0.06% -0.53% 3.28% BlackRock -0.26% 0.06% -0.53% 2.99% Return State Street -0.27% 0.06% -0.53% 3.27% TSP Fund (Net) -0.26% 0.06% -0.53% 3.04% Benchmark BlackRock -0.11% 0.00% 0.00% -0.29% Difference State Street -0.12% 0.00% 0.00% -0.01% TSP Fund -0.11% 0.00% 0.00% -0.23% BlackRock’s performance for the F Fund lagged the index by 11 basis points, primarily due to a difference in the timing of pricing by the index provider and by BlackRock on the last trading day of December 2025.
Its performance for the C and S Funds was in line with the Funds’ respective indices for the month. For the I Fund, BlackRock’s performance lagged the International Index by 29 basis points, primarily due to fair value pricing. State Street’s performance for the F Fund lagged the index by 12 basis points, primarily due to a difference in the timing of pricing by the index provider and by State Street on the last trading day of December 2025.
Its performance for the C, S, and I Funds was in line with the Funds’ respective indices for the month. 1 2025 Annual Returns and Benchmark Differences Fixed Income Large Cap Small Mid Cap International (F Fund) (C Fund) (S Fund) (I Fund) Index 7.30% 17.88% 11.32% 32.01% BlackRock 7.24% 17.88% 11.40% 32.49% Return State Street 7.25% 17.88% 11.44% 32.55% TSP Fund (Net) 7.21% 17.85% 11.38% 32.45% Benchmark BlackRock -0.06% 0.00% 0.08% 0.48% Difference State Street -0.05% 0.00% 0.12% 0.53% TSP Fund -0.09% -0.03% 0.05% 0.44% For 2025, BlackRock’s performance for the F Fund lagged the Fixed Income Index by 6 basis points, primarily due to a difference in the timing of pricing by the index provider and by BlackRock on the last trading day of December 2025.
Its performance for the C Fund was in line with the Large Cap Index. For the S Fund, BlackRock’s performance was ahead of the Small Mid Cap Index by 8 basis points, primarily due to securities lending. BlackRock’s performance for the I Fund was ahead of the International Index by 48 basis points, primarily due to tax advantage and fair value pricing.
For 2025, State Street’s performance for the F Fund lagged the Fixed Income Index’s return by 5 basis points, primarily due to a difference in the timing of pricing by the index provider and by BlackRock on the last trading day of December 2025. Its performance for the C Fund was in line with the Large Cap Index.
For the S Fund, State Street was ahead of the Small Mid Cap Index by 12 basis points, primarily due to securities lending and securities sampling. For the I Fund, State Street was ahead of the International Index by 53 basis points, primarily due to tax advantage and fair value pricing.
2 Annualized Net Returns as of December 31, 2025 1-Year 3-Year 5-Year 10-Year G Fund 4.44% 4.36% 3.48% 2.76% 1-Year 3-Year 5-Year 10-Year F Fund 7.21% 4.67% -0.30% 2.11% Bloomberg US Agg Bond Index 7.30% 4.66% -0.36% 2.01% Benchmark Difference -0.09% 0.01% 0.07% 0.10% 1-Year 3-Year 5-Year 10-Year C Fund 17.85% 22.96% 14.39% 14.79% S&P 500 Index 17.88% 23.01% 14.42% 14.82% Benchmark Difference -0.03% -0.04% -0.03% -0.03% 1-Year 3-Year 5-Year 10-Year S Fund 11.38% 17.73% 6.24% 11.04% Dow Jones US Completion TSM Index 11.32% 17.59% 6.06% 10.87% Benchmark Difference 0.05% 0.14% 0.17% 0.17% 1-Year 3-Year 5-Year 10-Year I Fund 32.45% 17.81% 9.41% 8.70% International Index* 32.01% 17.60% 9.13% 8.29% Benchmark Difference 0.44% 0.20% 0.28% 0.41% * MSCI EAFE through July 31, 2024; MSCI ACWI IMI ex USA ex China ex Hong Kong thereafter.
Inception Date 1-Year 3-Year 5-Year 10-Year L Income Fund August 1, 2005 9.36% 8.57% 5.59% 5.11% L 2030 Fund August 1, 2005 15.17% 14.14% 8.42% 8.77% L 2035 Fund July 1, 2020 16.27% 15.10% 8.85% N/A L 2040 Fund August 1, 2005 17.31% 16.05% 9.28% 9.82% L 2045 Fund July 1, 2020 18.20% 16.86% 9.62% N/A L 2050 Fund January 31, 2011 19.07% 17.67% 9.99% 10.71% L 2055 Fund July 1, 2020 21.87% 20.45% 11.54% N/A L 2060 Fund July 1, 2020 21.88% 20.45% 11.54% N/A L 2065 Fund July 1, 2020 21.88% 20.45% 11.53% N/A L 2070 Fund July 26, 2024 21.89% N/A N/A N/A L 2075 Fund June 30, 2025 N/A N/A N/A N/A 3 Performance of TSP Funds The charts below show the G, F, C, S, and I Fund net rates of return vs.
Source fold: December 2025 Investment Program Review (Sean McCaffrey memo, 27 Jan 2026).
Lifecycle Funds
Eleven L Funds (L Income, L 2030, L 2035, L 2040, L 2045, L 2050, L 2055, L 2060, L 2065, L 2070, L 2075) glide toward more conservative mixes of G/F/C/S/I as target dates approach. L Funds became the default for new participants in September 2015 (participation-history annotation in Board packets). Participant L Fund allocation reached about US$282.6B (26.3%) at year-end 2025 and about US$310.5B (26.9%) at 31 May 2026.
| L Fund | Inception (as published) | 1Y net @ 31 Dec 2025 | 1Y net @ 31 May 2026 |
|---|---|---|---|
| L Income | 1 Aug 2005 | 9.36% | 11.48% |
| L 2030 | 1 Aug 2005 | 15.17% | 19.65% |
| L 2035 | 1 Jul 2020 | — | 22.00% |
| L 2040 | 1 Aug 2005 | 17.31% | 23.64% |
| L 2045 | 1 Jul 2020 | — | 25.07% |
| L 2050 | 31 Jan 2011 | 19.07% | 26.51% |
| L 2055 / L 2060 / L 2065 | 1 Jul 2020 | L2060 21.88% | 31.51% (each shown) |
| L 2070 | 26 Jul 2024 | 21.89% | 31.51% |
| L 2075 | 30 Jun 2025 | N/A | N/A (too new in May table) |
Cells marked “—” were not restated in the excerpted Dec 2025 annualized L-fund block used for this profile; prefer the live Investment Program Review PDF for the full L 2035/2045/2055/2065 matrix.
L Income Fund August 1, 2005 9.36% 8.57% 5.59% 5.11% L 2030 Fund August 1, 2005 15.17% 14.14% 8.42% 8.77% L 2035 Fund July 1, 2020 16.27% 15.10% 8.85% N/A L 2040 Fund August 1, 2005 17.31% 16.05% 9.28% 9.82% L 2045 Fund July 1, 2020 18.20% 16.86% 9.62% N/A L 2050 Fund January 31, 2011 19.07% 17.67% 9.99% 10.71% L 2055 Fund July 1, 2020 21.87% 20.45% 11.54% N/A L 2060 Fund July 1, 2020 21.88% 20.45% 11.54% N/A L 2065 Fund July 1, 2020 21.88% 20.45% 11.53% N/A L 2070 Fund July 26, 2024 21.89% N/A N/A N/A L 2075 Fund June 30, 2025 N/A N/A N/A N/A 3 Performance of TSP Funds The charts below show the G, F, C, S, and I Fund net rates of return vs.
their respective benchmark indices. Net Returns of Individual Funds and Benchmark Indices December 2025 4.00% 3.28% 3.04% 3.00% 2.00% 1.00% 0.35% n/a n/a 0.06% 0.06% 0.00% 0.00% 0.00% -0.15% -0.11% -0.26% -0.23% -0.53% -0.53% -1.00% G Fund F Fund C Fund S Fund I Fund Fund Index Benchmark Difference Net Returns of Individual Funds and Benchmark Indices 2025 36.00% 32.45% 32.01% 30.00% 24.00% 17.85% 17.88% 18.00% 11.38% 11.32% 12.00% 7.21% 7.30% 6.00% 4.44% n/a n/a 0.05% 0.44% 0.00% -0.09% -0.03% -6.00% G Fund F Fund C Fund S Fund I Fund Fund Index Benchmark Difference 4 Net rates of return for the L Funds are shown below, along with comparable returns for the G, F, C, S, and I Funds.
NetReturns Net Returnsof ofLIndividual Funds and Funds and L Funds Underlying Funds December July 20242025 7.00% 4.00% 6.23% 6.00% 3.04% 5.00% 3.00% C Fund 4.00% S Fund 2.86% 3.00% 2.00% 2.33% 2.46% 2.46% 2.46% 2.14% 2.24% 2.02% 2.02% I Fund 2.00% 1.75% L 2065 L 2060 F Fund L 2055 1.21% 1.04% 1.16% L 2050 L 2045 L 2040 L 2030 2035 1.00% 1.01% 1.01% 1.01% 1.01% 1.01% C Fund L 1.00% 0.39% L 2030 L 2025 0.80% 0.83% 0.86% I Fund 0.72% 0.76% n/a L 2070 F Fund S Fund L 2065 0.00% L 2055 0.51% L 2060 L 2075 L 2050 L 2045 L 2040 0.35% L 2035 G Fund L Income Income 0.06% L -1.00% 0.00% L 2070 G Fund C Fund -2.00% -0.26% -0.53% -1.00% Net Returns of Individual Funds and L Funds 2025 36.00% 32.45% 30.00% 24.00% 21.87% 21.88% 21.88% 21.89% 19.07% 17.85% 18.20% 18.00% 17.31% I Fund 16.27% 15.17% 11.38% L 2070 L 2055 L 2060 L 2065 12.00% C Fund L 2050 9.36% L 2045 L 2040 L 2035 L 2030 7.21% S Fund L Income 6.00% 4.44% F Fund N/A 0.00% L 2075 G Fund -6.00% 5 Asset Allocation Participant Asset Allocation History as of December 31, 2025 50% 45% 40% 35% C 30% L 25% G 20% 15% 10% S 5% I F 0% MFW Asset Allocation as of December 31, 2025 Participant Allocation Individual TSP Funds Assets Share of Assets Share of (Billions) Total (Billions) Total G Fund $240.5 22.4% $317.7 29.6% F Fund $23.3 2.2% $39.3 3.7% C Fund $375.9 35.0% $474.3 44.2% S Fund $92.8 8.6% $117.4 10.9% I Fund $57.3 5.3% $123.6 11.5% L Funds $282.6 26.3% n/a n/a MFW $0.8 0.1% $0.8 0.1% Total $1,073.2 100.0% $1,073.2 100.0% *Components may not sum to totals due to rounding.
6 Lifecycle (L) Funds Assets by L Fund $70 $64.1 $64.3 $64.1 $64.6 $60 $54.5 $55.1 $50 Assets (billions) $39.4 $39.3 $40 $30 $20 $16.3 $16.7 $10.8 $11.1 $10.9 $11.2 $8.3 $8.7 $8.9 $10 $8.0 $1.8 $1.9 $1.1 $1.2 $0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 11/30/2025 12/31/2025 Accounts by L Fund 1,400 1,200 1,173 1,169 1,000 Accounts (thousands) 800 709 711 601 599 600 465 463 410 412 400 340 334 332 337 217 218 179 180 179 191 200 12 14 0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 11/30/2025 12/31/2025 7 Participation History of the L Funds as of December 31, 2025 8.0 7,298,608 7.0 6.0 Accounts (millions) 5.0 4,052,997 (56% of accounts) 4.0 3.0 December 2018: BRS window closes January 2018: BRS window opens 2.0 September 2015: L Funds become default for 2,957,535 new FERS participants (41% of accounts) 1.0 0.0 All Accounts Accounts Invested in At Least One L Fund Accounts 100% Invested in L Funds Interfund Transfer Activity Monthly Net Interfund Transfers December 2025 $8,000 $6,000 $5,694 Monthly Net Interfund Transfers (millions) $4,000 $2,000 $431 $168 $9 $0 ($2,000) ($1,612) ($2,441) ($2,250) ($4,000) G Fund F Fund C Fund S Fund I Fund L Funds MFW *Values may not sum to zero due to rounding.
8 PROXY VOTING – THIRD QUARTER 2025 An audit of BlackRock’s proxy voting conducted by ISS found no exceptions to BlackRock’s established guidelines during the third quarter of 2025. An audit of State Street’s proxy voting conducted by ISS found no exceptions to State Street’s established guidelines during the third quarter of 2025.
Copies of the audit reports are provided in this report as Attachments 1 and 2. The ISS audit reports for the fourth quarter of 2025 are not yet available. CLASS ACTION SETTLEMENTS – THIRD QUARTER 2025 BlackRock began the third quarter with 93 open claims. During the quarter, 17 claims were opened: three claims in the C Fund, 13 claims in the S Fund, and one claim in the I Fund.
Source fold: Investment Program Review annualized L Fund tables; June 2026 packet May 2026 L Fund nets.
External managers & tracking error
FRTIB discloses BlackRock and State Street separate-account results versus indices for F, C, S, and I Funds each month, with narrative explanations of pricing timing, fair-value pricing, securities lending, and tax-advantage effects.
and Benchmark Differences Fixed Income Large Cap Small Mid Cap International (F Fund) (C Fund) (S Fund) (I Fund) Index 7.30% 17.88% 11.32% 32.01% BlackRock 7.24% 17.88% 11.40% 32.49% Return State Street 7.25% 17.88% 11.44% 32.55% TSP Fund (Net) 7.21% 17.85% 11.38% 32.45% Benchmark BlackRock -0.06% 0.00% 0.08% 0.48% Difference State Street -0.05% 0.00% 0.12% 0.53% TSP Fund -0.09% -0.03% 0.05% 0.44% For 2025, BlackRock’s performance for the F Fund lagged the Fixed Income Index by 6 basis points, primarily due to a difference in the timing of pricing by the index provider and by BlackRock on the last trading day of December 2025.
Its performance for the C Fund was in line with the Large Cap Index. For the S Fund, BlackRock’s performance was ahead of the Small Mid Cap Index by 8 basis points, primarily due to securities lending. BlackRock’s performance for the I Fund was ahead of the International Index by 48 basis points, primarily due to tax advantage and fair value pricing.
For 2025, State Street’s performance for the F Fund lagged the Fixed Income Index’s return by 5 basis points, primarily due to a difference in the timing of pricing by the index provider and by BlackRock on the last trading day of December 2025. Its performance for the C Fund was in line with the Large Cap Index.
For the S Fund, State Street was ahead of the Small Mid Cap Index by 12 basis points, primarily due to securities lending and securities sampling. For the I Fund, State Street was ahead of the International Index by 53 basis points, primarily due to tax advantage and fair value pricing.
2 Annualized Net Returns as of December 31, 2025 1-Year 3-Year 5-Year 10-Year G Fund 4.44% 4.36% 3.48% 2.76% 1-Year 3-Year 5-Year 10-Year F Fund 7.21% 4.67% -0.30% 2.11% Bloomberg US Agg Bond Index 7.30% 4.66% -0.36% 2.01% Benchmark Difference -0.09% 0.01% 0.07% 0.10% 1-Year 3-Year 5-Year 10-Year C Fund 17.85% 22.96% 14.39% 14.79% S&P 500 Index 17.88% 23.01% 14.42% 14.82% Benchmark Difference -0.03% -0.04% -0.03% -0.03% 1-Year 3-Year 5-Year 10-Year S Fund 11.38% 17.73% 6.24% 11.04% Dow Jones US Completion TSM Index 11.32% 17.59% 6.06% 10.87% Benchmark Difference 0.05% 0.14% 0.17% 0.17% 1-Year 3-Year 5-Year 10-Year I Fund 32.45% 17.81% 9.41% 8.70% International Index* 32.01% 17.60% 9.13% 8.29% Benchmark Difference 0.44% 0.20% 0.28% 0.41% * MSCI EAFE through July 31, 2024; MSCI ACWI IMI ex USA ex China ex Hong Kong thereafter.
Inception Date 1-Year 3-Year 5-Year 10-Year L Income Fund August 1, 2005 9.36% 8.57% 5.59% 5.11% L 2030 Fund August 1, 2005 15.17% 14.14% 8.42% 8.77% L 2035 Fund July 1, 2020 16.27% 15.10% 8.85% N/A L 2040 Fund August 1, 2005 17.31% 16.05% 9.28% 9.82% L 2045 Fund July 1, 2020 18.20% 16.86% 9.62% N/A L 2050 Fund January 31, 2011 19.07% 17.67% 9.99% 10.71% L 2055 Fund July 1, 2020 21.87% 20.45% 11.54% N/A L 2060 Fund July 1, 2020 21.88% 20.45% 11.54% N/A L 2065 Fund July 1, 2020 21.88% 20.45% 11.53% N/A L 2070 Fund July 26, 2024 21.89% N/A N/A N/A L 2075 Fund June 30, 2025 N/A N/A N/A N/A 3 Performance of TSP Funds The charts below show the G, F, C, S, and I Fund net rates of return vs.
their respective benchmark indices. Net Returns of Individual Funds and Benchmark Indices December 2025 4.00% 3.28% 3.04% 3.00% 2.00% 1.00% 0.35% n/a n/a 0.06% 0.06% 0.00% 0.00% 0.00% -0.15% -0.11% -0.26% -0.23% -0.53% -0.53% -1.00% G Fund F Fund C Fund S Fund I Fund Fund Index Benchmark Difference Net Returns of Individual Funds and Benchmark Indices 2025 36.00% 32.45% 32.01% 30.00% 24.00% 17.85% 17.88% 18.00% 11.38% 11.32% 12.00% 7.21% 7.30% 6.00% 4.44% n/a n/a 0.05% 0.44% 0.00% -0.09% -0.03% -6.00% G Fund F Fund C Fund S Fund I Fund Fund Index Benchmark Difference 4 Net rates of return for the L Funds are shown below, along with comparable returns for the G, F, C, S, and I Funds.
NetReturns Net Returnsof ofLIndividual Funds and Funds and L Funds Underlying Funds December July 20242025 7.00% 4.00% 6.23% 6.00% 3.04% 5.00% 3.00% C Fund 4.00% S Fund 2.86% 3.00% 2.00% 2.33% 2.46% 2.46% 2.46% 2.14% 2.24% 2.02% 2.02% I Fund 2.00% 1.75% L 2065 L 2060 F Fund L 2055 1.21% 1.04% 1.16% L 2050 L 2045 L 2040 L 2030 2035 1.00% 1.01% 1.01% 1.01% 1.01% 1.01% C Fund L 1.00% 0.39% L 2030 L 2025 0.80% 0.83% 0.86% I Fund 0.72% 0.76% n/a L 2070 F Fund S Fund L 2065 0.00% L 2055 0.51% L 2060 L 2075 L 2050 L 2045 L 2040 0.35% L 2035 G Fund L Income Income 0.06% L -1.00% 0.00% L 2070 G Fund C Fund -2.00% -0.26% -0.53% -1.00% Net Returns of Individual Funds and L Funds 2025 36.00% 32.45% 30.00% 24.00% 21.87% 21.88% 21.88% 21.89% 19.07% 17.85% 18.20% 18.00% 17.31% I Fund 16.27% 15.17% 11.38% L 2070 L 2055 L 2060 L 2065 12.00% C Fund L 2050 9.36% L 2045 L 2040 L 2035 L 2030 7.21% S Fund L Income 6.00% 4.44% F Fund N/A 0.00% L 2075 G Fund -6.00% 5 Asset Allocation Participant Asset Allocation History as of December 31, 2025 50% 45% 40% 35% C 30% L 25% G 20% 15% 10% S 5% I F 0% MFW Asset Allocation as of December 31, 2025 Participant Allocation Individual TSP Funds Assets Share of Assets Share of (Billions) Total (Billions) Total G Fund $240.5 22.4% $317.7 29.6% F Fund $23.3 2.2% $39.3 3.7% C Fund $375.9 35.0% $474.3 44.2% S Fund $92.8 8.6% $117.4 10.9% I Fund $57.3 5.3% $123.6 11.5% L Funds $282.6 26.3% n/a n/a MFW $0.8 0.1% $0.8 0.1% Total $1,073.2 100.0% $1,073.2 100.0% *Components may not sum to totals due to rounding.
6 Lifecycle (L) Funds Assets by L Fund $70 $64.1 $64.3 $64.1 $64.6 $60 $54.5 $55.1 $50 Assets (billions) $39.4 $39.3 $40 $30 $20 $16.3 $16.7 $10.8 $11.1 $10.9 $11.2 $8.3 $8.7 $8.9 $10 $8.0 $1.8 $1.9 $1.1 $1.2 $0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 11/30/2025 12/31/2025 Accounts by L Fund 1,400 1,200 1,173 1,169 1,000 Accounts (thousands) 800 709 711 601 599 600 465 463 410 412 400 340 334 332 337 217 218 179 180 179 191 200 12 14 0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 11/30/2025 12/31/2025 7 Participation History of the L Funds as of December 31, 2025 8.0 7,298,608 7.0 6.0 Accounts (millions) 5.0 4,052,997 (56% of accounts) 4.0 3.0 December 2018: BRS window closes January 2018: BRS window opens 2.0 September 2015: L Funds become default for 2,957,535 new FERS participants (41% of accounts) 1.0 0.0 All Accounts Accounts Invested in At Least One L Fund Accounts 100% Invested in L Funds Interfund Transfer Activity Monthly Net Interfund Transfers December 2025 $8,000 $6,000 $5,694 Monthly Net Interfund Transfers (millions) $4,000 $2,000 $431 $168 $9 $0 ($2,000) ($1,612) ($2,441) ($2,250) ($4,000) G Fund F Fund C Fund S Fund I Fund L Funds MFW *Values may not sum to zero due to rounding.
8 PROXY VOTING – THIRD QUARTER 2025 An audit of BlackRock’s proxy voting conducted by ISS found no exceptions to BlackRock’s established guidelines during the third quarter of 2025. An audit of State Street’s proxy voting conducted by ISS found no exceptions to State Street’s established guidelines during the third quarter of 2025.
Copies of the audit reports are provided in this report as Attachments 1 and 2. The ISS audit reports for the fourth quarter of 2025 are not yet available. CLASS ACTION SETTLEMENTS – THIRD QUARTER 2025 BlackRock began the third quarter with 93 open claims. During the quarter, 17 claims were opened: three claims in the C Fund, 13 claims in the S Fund, and one claim in the I Fund.
Eighteen claims were closed during the quarter. Five claims in the C Fund and 11 claims in the S Fund were settled for $594,183 and $2,528,309, respectively. Two S Fund claims were closed due to administrator action. Residual payments from 28 previously closed claims were $444,211.
Source fold: Investment Program Review Dec 2025 returns & benchmark-difference narrative. Verify against the live page/PDF before citing beyond this page.
Costs & expenses
January 27, 2026 Board minutes: CFO Trevor Williams presented the 2025 annual review of TSP administrative expenses. Average net assets rose on strong 2025 markets (minutes cite I Fund ~32% and C Fund ~18% calendar returns in that discussion). Gross administrative expenses were US$432 million; net administrative expenses US$341 million; net expense ratio charged to participants 3.4 basis points (34 cents per US$1,000), down from 3.6 basis points in 2024.
FY2026 budget: Board approved about US$490.3 million; first-quarter commitment about US$239.7 million (94% of Q1 spend-plan target), mostly recordkeeping. tsp.gov marketing copy highlights very low Lifecycle Fund expense examples (homepage featured L 2070 expense ratio 0.041% at research time) — treat homepage marketing figures as secondary to the Board’s audited administrative-expense review when they differ in definition.
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 77K Street, NE Washington, DC 20002 MINUTES OF THE MEETING OF THE BOARD MEMBERS January 27, 2026 Michael F. Gerber, Chair of the Federal Retirement Thrift Investment Board, convened a meeting of the Board members on January 27, 2026, at 10:00 a.m., Eastern Standard Time.
The meeting was held virtually and was open to the public via teleconference. In attendance were Leona M. Bridges of California, member; Stacie Olivares of California, member; Ravindra Deo, Executive Director; Dharmesh Vashee, General Counsel and Secretary; Suzanne Tosini, Chief Operating Officer and Deputy Executive Director; Gisile Goethe, Director, Office of Resource Management; James Courtney, Director, Office of Participant Experience; Sean McCaffrey, Chief Investment Officer; Thomas Brandt, Office of Planning and Risk, Program Advisor; Trevor Williams, Chief Financial Officer; James L.
Kaplan, Director, Office of External Affairs; Jason Boyd, Chief Information Officer; and Brittany Borg, Chief Risk Officer. Welcome and Introductions. Chair Gerber called to order the monthly meeting of the Federal Retirement Thrift Investment Board (FRTIB or Agency) at 10:02 a.m.
and welcomed everyone present to the meeting. Approval of the Minutes of the December 18, 2025, Board Meeting. Chair Gerber entertained a motion for approval of the minutes of the December 18, 2025, Board meeting. The following motion was made, seconded, and adopted without objection: MOTION: That the minutes of the Board meeting held on December 18, 2025, be approved.
Deo then gave opening remarks and provided a summary of the agenda. Participant Activity Report Mr. Courtney reviewed the monthly Participant Activity Report. See “Participant Activity Report January 2026” (attached). At the end of 2025, more than 90 percent of active-duty Blended Retirement System (BRS) participants contributed at least five percent of their salary to the Thrift Savings Plan (TSP).
Nearly three million participants contributed after-tax money to a Roth TSP balance, which is a Plan record. Courtney also reported that Roth assets are valued at more than 90 billion dollars, another Plan record. Additionally, new general-purpose loans and hardship withdrawals increased.
Courtney noted that these loan and hardship increases are not unique to the TSP but are part of a larger trend in the 401(k) space. He also reported that Section 603 of the SECURE Act 2.0 went into effect on January 1, 2026, requiring catch-up contributions to be designated as Roth contributions in 2026 for participants with prior- year wages above 150,000 dollars.
Courtney addressed preparations for a potential partial government shutdown, stating that if a shutdown occurs, the TSP will remain open and continue its normal daily operations. He stated that active participants with outstanding TSP loans will not be placed in delinquency status due to a lapse in payroll deductions during a shutdown period.
Source fold: January 27, 2026 Board meeting minutes (expense ratio & budget items).
Participant behavior & demographics
The 2025 Annual Report (required by §105 of the TSP Enhancement Act of 2009) focuses analysis on active FERS participants. Highlights at a glance for FERS: participation rate rose to 96.2% in 2025 (from 95.9% in 2023–2024); deferral rate 9.3%; traditional deferral 7.6%; Roth deferral 7.0%; loans usage 9.5%; hardship withdrawals usage 4.9%.
March 24, 2026 minutes: in February 2026 FERS participation reached 96.2% and 89.1% of participants contributed their full match (new highs cited). ThriftLine received ~200,000 calls in February with average wait ~11 seconds. June 2026 packet highlights overall participant satisfaction at 95.28%; full matching rates FERS 89.3% and Active Duty BRS 92%.
January 2026 minutes: more than 90% of active-duty BRS participants contributed at least 5% of salary by end-2025; nearly three million participants held Roth balances (plan record) with Roth assets >US$90B. SECURE Act 2.0 §603 catch-up Roth designation rules for higher earners took effect 1 January 2026. Hardship and general-purpose loan increases were framed as part of a broader 401(k)-industry trend.
ry ranges, so the use of salary quintiles will o Auto enrolled/no change: made no mitigate the impact. change since being auto enrolled in the first 90 days. In this report, salaries are shown in quintiles. The first quintile represents the 20% of all records in the o Opt-out: in the first 90 days changed to lowest annual salary band; the fifth quintile 0% contribution.
represents the 20% of records in the highest salary band. o Decrease rate: traditional plus Roth rate changed to under 5% in the first 90 days. In summary, the analysis provided in this report is subject to the following limitations: o Increase rate: traditional plus Roth rate changed to over 5% in the first 90 days.
• The calculation of salary based on automatic 1% contributions may modestly distort the o Subsequent activity: remained at 5% but findings compared to reports prior to 2016 changed to Roth or made an investment when OPM data was last available, showing a allocation change in the first 90 days.
higher rate but one more representative of the participant’s actual deferral choice. • The TSP recordkeeping system does not contain information on a participant’s work schedule. Therefore, the inclusion of TSP accounts for part-time and intermittent workers is likely to have a more meaningful 5 Analysis Figure 1 The following sections of this report examine the Annual FERS behaviors of FERS participants across a five-year period ending December 31, 2025, and through the lens of two Participation Rates demographic filters – age and salary.
The graphics and narratives summarize the relationships between these 96.2% demographic factors and participant behaviors 95.5% 95.9% 95.9% 95.1% associated with plan participation, automatic enrollment, deferral rates, investment allocation, and loan and hardship withdrawal usage.
Plan Participation 2021 2022 2023 2024 2025 As of December 31, 2025, there were 4,142,688 FERS participants with a balance in the TSP and of those participants 1,129,246 had a Roth balance. The average Automatic enrollment continues to keep participant total balance was $217,291 while the median participation rates high for the youngest and participant total balance was $71,815.
The average lowest paid participants. Table 1 shows that the balance for Roth accounts was $37,382 while the median three youngest participant groups are near a account balance for Roth accounts was $12,997. participation rate of 97%, maintaining the highest rates of all age groups.
Over the years, the The FERS participation rate increased from the past year, differences between age groups have shrunk, with all with 96.2% of participants contributing to the plan in age groups having an average above 90%. Since the implementation of automatic enrollment slight gap of 4.5% between the lowest and highest for new hires in 2010, participation rates have increased paid.
The highest paid quintile continues to have each year. In 2023, rates began leveling off at around the highest participation rate in the plan at 98.3%, 96%. Figure 1 illustrates the plateau of participation rates a slight increase from previous years. over the last three years. The automatic enrollment policy automatically defers 5%1 of new eligible employees’ salaries into the TSP unless the employee makes an active election not to participate in the Plan or to change the contribution amount.
1 Default deferral rate for automatically enrolled participants increased from 3% to 5% on October 1, 2020. 6 Table 1 Annual FERS Participation Rates by Demographic Cohorts 2021 2022 2023 2024 2025 Age <= 29 97.7% 96.7% 96.8% 96.5% 96.6% 30 – 39 97.1% 96.5% 97.0% 96.7% 96.8% 40 – 49 95.8% 95.5% 96.4% 96.5% 96.8% 50 – 59 94.6% 94.5% 95.4% 95.7% 96.1% 60 – 69 93.3% 93.3% 94.0% 94.2% 94.4% 70+ 89.6% 89.7% 90.1% 90.2% 89.8% Salary Quintile Q1 Lowest Paid 94.9% 93.8% 93.6% 93.8% 93.8% Q2 Lower Paid 93.9% 93.6% 94.7% 94.4% 95.4% Q3 Mid-Range 93.9% 94.1% 94.8% 96.2% 96.1% Q4 Higher Paid 96.4% 96.3% 96.9% 97.2% 97.4% Q5 Highest Paid 97.8% 97.5% 97.9% 98.2% 98.3% An examination of the behaviors of participants who enrolled in the plan in 2025 indicates that auto-enrollment has been successful in ensuring high participation rates.
Notably, each salary quintile saw 1.7% or fewer participants opting out of contributions, as depicted in Figure 2. Moreover, a significant majority of participants did not alter their deferral rates, remaining auto enrolled and receiving a full 5% match. When considering the highest earners, data shows that these individuals take a more active role in managing their retirement accounts, with more than 37% either raising their total contributions above 5% or engaging in other activities, such as changing their contributions to Roth or modifying their investment portfolio.
Figure 2 2025 FERS Enrollment Activity by Salary Quintile 100% Percent of Auto-enrolled Participants 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q1 LOWEST PAID Q2 LOWER PAID Q3 MID-RANGE Q4 HIGHER PAID Q5 HIGHEST PAID No Change Opt Out Rate Decrease Rate Increase Subsequent Activity 7 Deferral Rates The FERS average deferral percentage rate (ADP) (includes employee Roth, traditional and catch- up contributions) has been steadily increasing since 2021 (see Figure 3).
Source fold: 2025 Annual Report Highlights/Analysis; Jan & Mar 2026 minutes; June 2026 participant highlights.
Climate / ESG / stewardship notes
Unlike many sovereign wealth or public DB peers on this Registry, the TSP’s core equity/fixed-income implementation is predominantly index-based through external managers, with Board materials emphasizing benchmark tracking, securities lending, and proxy-voting audits of managers rather than a standalone FRTIB climate-exclusion regime. The December 2025 Investment Program Review attaches ISS audit reports on BlackRock’s and State Street’s proxy voting for Q3 2025 (no exceptions to established guidelines noted in the review narrative).
Researchers should not invent an FRTIB “net-zero pathway” or exclusion list from silence. Prefer primary citations: Investment Program Review proxy-voting attachments; any future Board policy resolutions; and tsp.gov fund disclosures. Participant-directed allocation (including L Funds and MFW) means aggregate portfolio carbon metrics are an emergent outcome of participant choice plus index construction — not a single Agency-level strategic asset allocation like GPIF or NPS.
proxy voting conducted by ISS found no exceptions to BlackRock’s established guidelines during the third quarter of 2025. An audit of State Street’s proxy voting conducted by ISS found no exceptions to State Street’s established guidelines during the third quarter of 2025. Copies of the audit reports are provided in this report as Attachments 1 and 2.
The ISS audit reports for the fourth quarter of 2025 are not yet available. CLASS ACTION SETTLEMENTS – THIRD QUARTER 2025 BlackRock began the third quarter with 93 open claims. During the quarter, 17 claims were opened: three claims in the C Fund, 13 claims in the S Fund, and one claim in the I Fund.
Eighteen claims were closed during the quarter. Five claims in the C Fund and 11 claims in the S Fund were settled for $594,183 and $2,528,309, respectively. Two S Fund claims were closed due to administrator action. Residual payments from 28 previously closed claims were $444,211.
Ninety- two claims remained open at the end of the quarter. Open at Opened Closed Open Total of Settled Start of During During Claims Claims in Quarter Quarter Quarter Outstanding 2025 F Fund 3 - - 3 $17,717 C Fund 23 3 5 21 $2,121,246 S Fund 64 13 13 64 $5,367,619 I Fund 3 1 - 4 $288,804 Total 93 17 18 92 $7,795,386 State Street began the third quarter with 41 open claims.
During the period, sixteen claims were opened. Two claims were opened in the C Fund, 13 claims were opened in the S Fund, and one claim was opened in the I Fund. One claim in the C Fund and six claims in the S Fund were settled for $12,713 and $155,552, respectively. One claim in the C Fund and one claim in the S Fund were closed due to administrator action.
Forty-eight claims remained open at the end of the quarter. Open at Opened Closed Open Total of Settled Start of During During Claims Claims in Quarter Quarter Quarter Outstanding 2025 F Fund - - - - $0 C Fund 4 2 2 4 $44,913 S Fund 35 13 7 41 $992,940 I Fund 2 1 - 3 $0 Total 41 16 9 48 $1,037,853 ATTACHMENTS Attachment 1: Audit Report on BlackRock’s Proxy Voting in the Third Quarter of 2025 Attachment 2: Audit Report on State Street’s Proxy Voting in the Third Quarter of 2025 9 ANNUAL REVIEW OF INVESTMENT POLICY The G Fund investments produce long-term yields while incurring no market risk.
Source fold: Investment Program Review proxy-voting / claims narrative; absence of a dedicated FRTIB climate report in this research pass is noted as a gap, not a claim of non-existence of all ESG activity at managers.
Performance & reporting
Transparency stack: monthly Board meetings with public dial-in; posted minutes and attachments; Investment Program Review (returns, benchmark differences, interfund transfers, allocations); Participant Activity Report; Annual Report to Congress under the TSP Enhancement Act; financial statements and FOIA Reading Room materials on frtib.gov; participant-facing fund performance on tsp.gov.
Calendar 2025 was a strong equity year for C/S/I; I Fund’s 32.45% net return (International Index 32.01%) and C Fund’s 17.85% net (S&P 500 17.88%) featured in both the CIO review and the expense-ratio discussion. Through 31 May 2026, trailing 1-year nets were substantially higher for equities (C 29.76%; S 30.48%; I 34.93%) after early-2026 market strength.
Returns tables (official nets)
| Fund | 2025 1Y | 3Y @ Dec 2025 | 5Y | 10Y | 1Y @ May 2026 | YTD 2026 @ May |
|---|---|---|---|---|---|---|
| G Fund | 4.44% | 4.36% | 3.48% | 2.76% | 4.40% | 1.80% |
| F Fund | 7.21% | 4.67% | -0.30% | 2.11% | 5.16% | 0.49% |
| C Fund | 17.85% | 22.96% | 14.39% | 14.79% | 29.76% | 11.26% |
| S Fund | 11.38% | 17.73% | 6.24% | 11.04% | 30.48% | 13.48% |
| I Fund | 32.45% | 17.81% | 9.41% | 8.70% | 34.93% | 16.56% |
All figures are net rates of return as published in FRTIB Investment Program Review / June 2026 Board packet tables. Benchmarks and differences are omitted from this summary table for readability — see source PDFs for BlackRock/State Street splits.
Controversies & debates
Official-first items: (1) I Fund benchmark change — Board materials document the shift from MSCI EAFE through 31 July 2024 to MSCI ACWI IMI ex USA ex China ex Hong Kong thereafter; researchers should treat China/Hong Kong exclusion as an attributable Board/index decision, not a rumor. (2) Net outflows vs rising AUM — 2025–2026 packets show withdrawals exceeding contributions while assets climbed on markets; federal workforce/retirement dynamics are discussed in secondary press but should be labelled as such. (3) Loan and hardship usage — official minutes note increases aligned with broader 401(k) trends and track SECURE 2.0 catch-up Roth rules. (4) Government funding lapses — minutes and tsp.gov shutdown notices state TSP operations continue; active participants with loans are not placed in delinquency solely due to payroll interruption during a lapse.
Secondary press (labelled): coverage of TSP “millionaire” counts, average-balance milestones, and workforce-shrinkage narratives appears in trade/fed-employee media citing FRTIB statistics. This profile prefers the Board packet numbers themselves over magazine framing. No invented scandal narrative is offered. Political proposals affecting TSP (e.g., draft legislation on penalty-free distributions noted in Jan 2026 legislative report) are tracked by FRTIB External Affairs without Agency endorsement in the minutes excerpt.
Kaplan provided the legislative update. He reported that Congress returned in January and continues to focus on completing the appropriations process to avoid another lapse in appropriations. In November, Congress passed three of the 12 appropriations bills when it passed the last Continuing Resolution (CR).
While the House of Representatives passed legislation this month incorporating the remaining nine appropriation bills, Mr. Kaplan stated that the Senate had not yet acted, and the government could face another partial government shutdown as some agencies face a lapse in appropriations if these bills or another CR are not passed by January 30, 2026.
He reiterated that a partial government shutdown will not directly affect the operations of the TSP, and participants and beneficiaries can continue to access their accounts. Kaplan also reported that Congresswoman Eleanor Holmes Norton of Washington, District of Columbia, announced her intent to introduce legislation to allow for penalty-free distributions from the TSP in certain circumstances related to retirement or involuntary separation from federal service.
FRTIB continues to track the status of all draft legislation and proposals that could impact the Agency, the TSP, or participants and beneficiaries. McCaffrey reviewed the investment performance report. See “December 2025 Investment Program Review” (attached). For the month of December, both BlackRock’s and State Street’s F Fund performance lagged the Fixed Income Index’s return by 11 basis points and 12 basis points, respectively, primarily due to month-end pricing differences.
Both BlackRock’s and State Street’s performance for the C and S Funds aligned with respective benchmarks. BlackRock’s performance on the I Fund trailed the International Index by 29 basis points, primarily due to fair value pricing. State Street’s performance on the I Fund aligned with respective benchmarks.
McCaffrey reported that, in the month of December, the Federal Reserve reduced its target range for short-term interest rates, reiterating its commitment to achieving maximum employment and restoring price stability. The C Fund rose slightly, while the S Fund fell. The I Fund posted a gain, helped in part by a weaker U.S.
Source fold: Board minutes legislative & participant sections; Investment Program Review index footnote; secondary press used only as pointer back to FRTIB stats.
Timeline (annotated official milestones)
- 1986 — FERSA establishes FRTIB / TSP framework (5 U.S.C. §§ 8351; 8401 et seq.).
- 1988 onward — TSP operates as federal DC plan analogous to private 401(k) structure (Agency background language).
- 1 Aug 2005 — L Income / L 2030 / L 2040 Lifecycle Funds inception (Board return tables).
- 31 Jan 2011 — L 2050 inception.
- Sep 2015 — L Funds become default for new participants (packet annotation).
- 2015 — Ravindra Deo joins FRTIB as CIO (official bio).
- 1 Oct 2020 — Default deferral raised to 5% from 3%.
- 1 Jan 2021 — Spillover catch-up method implemented.
- 1 Jun 2022 — Second general-purpose loan; Mutual Fund Window launch.
- 31 Jul 2024 — I Fund index path changes (MSCI EAFE → MSCI ACWI IMI ex USA ex China ex Hong Kong).
- 26 Jul 2024 — L 2070 inception.
- 30 Jun 2025 — L 2075 added; L 2025 retired/merged into L Income.
- 31 Dec 2025 — Thrift Savings Fund US$1,073.2B; FERS participation 96.2%; net expense ratio year 3.4 bp.
- 28 Jan 2026 — Roth in-plan conversions available (tsp.gov / Dec 2025 highlights).
- 27 Jan 2026 — Board meeting: investment review, expense review, FY26 budget discussion.
- 24 Mar 2026 — Michael Jerue introduced as CIO.
- 31 May 2026 — Assets ~US$1.156T; 7.325M accounts; avg balance US$157,797.
- 23 Jun 2026 — Board meeting packet with May statistics (participant satisfaction 95.28%).
- 30 Jun 2026 — 2025 Annual Report of the Thrift Savings Plan dated.
- 22 Sep 2026 — Next noticed Board meeting on frtib.gov home at research time (09:00 a.m. ET).
Board packet & minutes depth
Opened Board packages combine participant experience metrics, investment performance, legislative tracking, and vendor/risk items. The folds below paraphrase opened text without adding unsourced claims.
ET Board Meeting Agenda Open Session 1. Approval of the May 28, 2026, Board Meeting Minutes 2. Monthly Reports a) Participant Report b) Investment Report c) Legislative Report 3. Quarterly Report d) Vendor Risk Management Office of Participant Experience Presented By Jim Courtney June 23, 2026 Federal Retirement Thrift Investment Board tsp.gov Thrift Savings Plan Highlights – June 2026 • Overall participant satisfaction at 95.28% • Full matching rates for FERS (89.3%) and Active Duty BRS (92%) • General purpose loans • Down ĂƉƉƌŽdžŝŵĂƚĞůLJ2% from April to May • YTD May 2026 transactions up 6% from YTD May 2025 • Hardship withdrawals • Down ĂƉƉƌŽdžŝŵĂƚĞůLJ2% from April to May • YTD May 2026 transactions up 8% from YTD May 2025 2 Questions 3 Thrift Savings Fund Statistics May 2026 Overall participant satisfaction reached a new high of 95.28%.
The full matching rate for Highlights FERS was 89.3% and Active Duty BRS was 92%. General purpose loans and hardship withdrawals were down 2% from April to May. Thrift Savings Fund Assets (billions) Total Assets as of December 31 Total Roth $1,073 $1,200 Assets Assets $963 $1,000 $812 $845 $710 $726 $800 May $1,156 $97 $542 $536 $633 $600 $473 $400 April $1,118 $92 $200 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 March $1,049 $85 Cash Flow Attributes $80 $40 B $33.98 B $70 $40.0 B $33.98 B $60 $30 B B $35.0 Dollars (billions) $50 $22.40 B $40 $30.0 B $20 B $22.40 B $30 $25.0 B $20 $20.0 $10 B B $10 $0 $15.0 B $0 B -$10 $10.0 B -$20 $5.0 - $10 B B -$656.0M -$30 - $11.58 B $0.0 B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 - $20 B 2026 YTD YTD 2026 Calendar Year Contributions andand Contributions Loan Repayment Loan Repayment Withdrawals and and Withdrawals Loan Disbursements Loan Disbursements Contributions and Loan Repayment Withdrawals and Loan Disbursements Net Flow Net Flow Net Flow Total Accounts and Average Balance (current month) Total Number Total Number of Roth Average Roth of Accounts Average Balance Accounts Balance FERS 4,131,474 $233,829 1,173,647 $42,442 BRS Uniformed Services 1,735,990 $23,260 1,073,150 $19,515 Uniformed Services 1,192,157 $69,199 613,390 $41,605 Legacy CSRS 218,983 $257,038 8,882 $50,868 Beneficiary Accounts 46,663 $188,958 3,988 $29,252 Total 7,325,267 $157,797 2,873,057 $33,707 Page 1 of 5 Participation Rates (current month)1 Historical Participation Rates by Calendar Year 96.2% 100% 89.6% 100% 94.1% 94.4% 94.8% 94.9% 95.6% 78.2% 86.8% 87.5% 87.1% 89.2% 85.5% 80% 77.0% 76.8% 76.1% 73.8% 75.5% 80% 60% 60% 40% 40% 20% 20% 0.5% 0.5% 0% 0% 2021 2022 2023 2024 2025 FERS BRS Legacy US Opt-Out (FERS) FERS BRS Legacy Uniformed Services Opt-Out (BRS) Full Matching (5%) Rates2 Historical Full Matching Rates by Calendar Year (current month) 100% 92.0% 91.6% 100% 89.3% 86.9% 90.6% 85.6% 87.9% 88.4% 88.4% 89.5% 83.8% 85.5% 76.1% 81.8% 80.0% 80.9% 80% 80% 75.2% 68.4% 60% 60% 40% 40% 20% 20% 0% 0% May 2021 2022 2023 2024 2025 FERS BRS Active Duty BRS Ready Reserve FERS BRS Active Duty BRS Ready Reserve Participant Counts for Current Month (thousands) 1 1 1 FERS BRS Uniformed Services Uniformed Services Legacy FERS Uniformed Services 3 BRS US (Contributing) Legacy (Contributing) (Contributing) 1,434 410 416 FERS (Not BRS US (Not Uniformed Services Contributing) Contributing) 660 Legacy (Not 2,526 138 Contributing) 1,188 99 Separated BRS Separated 116 Uniformed Services Separated Plan Participation (thousands) 1 Overall TSP Participation Historical Plan Participation by Calendar Year 8,000 6,487 6,643 6,881 7,103 7,187 7,000 Contributing 6,000 5,000 2,712 4,003 4,134 4,212 4,141 Non-Contributing 3,933 4,000 4,137 3,000 2,649 2,193 2,300 2,412 Separated 2,035 2,000 357 1,000 519 447 447 479 397 0 2021 2022 2023 2024 2025 Contributing Non Contributing Separated Total Page 2 of 5 Post-Separation Withdrawal Activity Historic Participant Post-Separation Counts Transactions Withdrawals (in thousands) Post-Separation Withdrawals Dollars (Partial Withdrawals & Initial Monthly Pmts) (Partial Withdrawals & Initial Monthly Pmts) 800 K 50 K rticipants (current month) $30 B $200 M 720 K Initial Monthly Pmts 640 K 40 K $25 B Initial Monthly Pmts Partial Withdrawals Partial Withdrawals $150 M 560 K $20 B 480 K 30 K 400 K $15 B $100 M 320 K 20 K 240 K $10 B $50 M 160 K 10 K $5 B 80 K 0 0 $0 $0 2021 2022 2023 2024 2025 2026 2026 2021 2022 2023 2024 2025 2026 Run 2026 YTD Run YTD Partial Withdrawals Initial Monthly Pmts Partial Withdrawals Dollars Initial Monthly Pmts Dollars Post-Separation Withdrawals Transactions Post-Separation Withdrawals Dollars (Ongoing Monthly Pmts) (Ongoing Monthly Pmts) 4.0 M $5 B 3.0 M $4 B $3 B 2.0 M $2 B 1.0 M $1 B 0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Post-Separation Annuity Transactions Post-Separation Annuity Dollars 1.5 K $400 M $300 M 1.0 K $200 M 500.0 $100 M 0.0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Post-Separation Withdrawals Transactions Post-Separation Withdrawals Dollars 4 Total Distributions (Cash & Transfers) Total Distributions (Cash & Transfers) 350 K $33 B $30 B 300 K $27 B 250 K $24 B $21 B 200 K $18 B $15 B 150 K $12 B 100 K $9 B $6 B 50 K $3 B 0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Single Pmts (Cash) Single Pmts (Transfers) Single Pmts (Cash) Dollars Single Pmts (Transfers) Dollars Page 3 of 5 In-Service Withdrawal Activity Age-Based & Hardship Transactions Age-Based & Hardship Dollars 700 K $18 B 600 K $15 B 500 K 400 K $12 B 300 K $9 B 200 K $6 B 100 K $3 B 0 $0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Age-based Pmts Hardship Pmts Age-based Dollars Hardship Dollars Loan Activity General Purpose Loans Residential Loans 560 K $8 B 25 K $600 M 480 K 20 K 400 K $6 B $400 M 15 K 320 K $4 B 240 K 10 K $200 M 160 K $2 B 5K 80 K 0 $0 0 $0 2021 2022 2023 2024 2025 2026 2026 2021 2022 2023 2024 2025 2026 Run 2026 YTD Run YTD General Purpose Loans General Purpose Loan Dollars Residential Loans Residential Loans Dollars Other Activity Participant-Submitted Check Transactions Participant-Submitted Checks Dollars 700 K $4.0 B 600 K $3.5 B 500 K $3.0 B $2.5 B 400 K $2.0 B 300 K $1.5 B 200 K $1.0 B 100 K $0.5 B 0 $0.0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Loan Payment Checks Rollover Checks Loan Payment Dollars Rollover Dollars Legal Processing Transactions Legal Processing Dollars 30 K $1.5 B 25 K $1.2 B 20 K $0.9 B 15 K $0.6 B 10 K $0.3 B 5K 0 $0.0 2021 2022 2023 2024 2025 2026 Run 2026 YTD 2021 2022 2023 2024 2025 2026 Run 2026 YTD Court Orders Death Benefits Pmts Court Orders Dollars Death Benefits Pmt Dollars Page 4 of 5 MFW Accounts - Year End MFW Accounts - Month End 10 K 10 K 9K 9K 8K 8K 7K 7K 6K 6K 5K 5K 4K 4K 3K 3K 2K 2K 1K 1K 0 0 2023 2024 2025 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Human Interaction and Complex Service Channels (current month) Calls AVA / Live Chat 320 K 120 K 110,012 240 K 100 K 170,824 169,442 80 K 160 K 60 K 80 K 40 K 20 K 12,175 0 0 Queued Answered Answered by Virtual Assistant Answered by Live Chat 5 Written Correspondence and Email Participant Satisfaction Score (Three-month lookback) 9K 94.74% 94.70% 95.28% 100% 8K 7K 80% 6K 5,380 5,326 5K 60% 4K 2,844 2,713 40% 3K 2K 20% 904 1,035 734 788 1K 0 0% Written Correspondence Email March April May Outstanding Received Answered EOM Outstanding 1.
Counts of total contributing participants are dependent on posting dates of agency payrolls. Does not include payroll corrections which may impact full match percentages. This number does not include those with Agency 1% Contributions only and making no employee (Roth/Traditional) contribution of their own.
Participants may elect to transfer all or part of their single payments. If only a portion is transferred, each portion (cash and transfer) is counted separately. The participant satisfaction score takes into account phone calls, web, mobile, email, and chat. Page 5 of 5 May 2026 Investment Report Presented By Mike Jerue, Chief Investment Officer June 23, 2026 Federal Retirement Thrift Investment Board tsp.gov May 2026 Asset Manager Performance I Fund Performance • F, C, and S Funds: BlackRock May 2026 and State Street delivered 6.00% 5.53% returns in line with 5.04% 4.90% 4.87% benchmarks 5.00% • I Fund: Both managers lagged 4.00% International Index, primarily due to fair value pricing (FVP) 3.00% o FVP caused both managers to outperform in March, 2.00% underperform in April o FVP tends to reverse itself 1.00% over time 0.00% I Fund BlackRock State Street International Index 2 May 2026 Asset Milestones Asset Allocation as of May 31, 2026 • C Fund: Finished month Participant Allocation Individual TSP Funds above $500 billion Assets Share of Assets Share of (Billions) Total (Billions) Total • I Fund: Finished month G Fund $241.5 20.9% $323.8 28.0% above $150 billion F Fund $22.5 1.9% $39.7 3.4% • L Funds: Finished month C Fund $398.3 34.5% $507.9 43.9% above $300 billion S Fund $103.8 9.0% $131.2 11.4% I Fund $78.4 6.8% $152.4 13.2% L Funds $310.5 26.9% n/a n/a MFW $0.9 0.1% $0.9 0.1% Total $1,155.9 100.0% $1,155.9 100.0% *Components may not sum to totals due to rounding.
3 May 2026 Investment Highlights Approximately 2% of participants moved assets between funds 4 Questions 5 MEMORANDUM FOR BOARD MEMBERS GERBER, BILYEU, BRIDGES, AND OLIVARES FROM: Mike Jerue, Chief Investment Officer DATE: June 23, 2026 SUBJECT: May 2026 Investment Program Review INTRODUCTION This report reviews key aspects of the TSP’s investment program, including performance, benchmark differences, interfund transfer activity, and participant allocations.
RETURNS AND BENCHMARK DIFFERENCES The tables below contain the monthly and year-to-date (YTD) returns and benchmark differences for the F, C, S, and I Funds and for the separate accounts managed by BlackRock and State Street. Due to rounding, the benchmark differences may not match the differences in displayed returns.
May 2026 Returns and Benchmark Differences Fixed Income Large Cap Small Mid Cap International (F Fund) (C Fund) (S Fund) (I Fund) Index 0.31% 5.26% 4.46% 5.53% BlackRock 0.32% 5.26% 4.49% 4.87% Return State Street 0.34% 5.26% 4.47% 5.04% TSP Fund (Net) 0.33% 5.26% 4.49% 4.90% Benchmark BlackRock 0.01% 0.00% 0.03% -0.67% Difference State Street 0.03% 0.00% 0.01% -0.50% TSP Fund 0.01% 0.00% 0.03% -0.64% BlackRock’s performance for the F and C Funds was in line with the Funds’ respective indices for the month.
For the S Fund, BlackRock was ahead of the Small Mid Cap Index by 3 basis points, primarily due to securities sampling. Its performance for the I Fund lagged the International Index by 67 basis points, primarily due to fair value pricing. State Street’s performance for the F Fund was ahead of the Fixed Income Index by 3 basis points, primarily due to securities lending and interest earned on cash in the Fund.
Its performance for the C and S Funds was in line with the Funds’ respective indices for the month. For the I Fund, State Street lagged the International Index by 50 basis points, primarily due to fair value pricing. 1 2026 YTD Returns and Benchmark Differences Fixed Income Large Cap Small Mid Cap International (F Fund) (C Fund) (S Fund) (I Fund) Index 0.38% 11.27% 13.37% 16.24% BlackRock 0.49% 11.27% 13.49% 16.59% Return State Street 0.53% 11.27% 13.48% 16.49% TSP Fund (Net) 0.49% 11.26% 13.48% 16.56% Benchmark BlackRock 0.12% 0.01% 0.12% 0.36% Difference State Street 0.15% 0.00% 0.11% 0.26% TSP Fund 0.11% 0.00% 0.11% 0.32% Year-to-date, BlackRock’s performance for the F Fund was ahead of the Fixed Income Index by 12 basis points, primarily due to a difference in the timing of pricing by the index provider and by BlackRock on the last trading day of December 2025.
Its performance for the C Fund was in line with the Large Cap Index. For the S Fund, BlackRock was ahead of the Small Mid Cap Index by 12 basis points, primarily due to securities lending and securities sampling. Its performance for the I Fund exceeded the International Index by 36 basis points, primarily due to fair value pricing.
Year-to-date, State Street’s performance for the F Fund was ahead of the Fixed Income Index by 15 basis points, primarily due to a difference in the timing of pricing by the index provider and by State Street on the last trading day of December 2025. Its performance for the C Fund was in line with the Large Cap Index.
For the S Fund, State Street was ahead of the Small Mid Cap Index by 11 basis points, primarily due to securities sampling and securities lending. Its performance for the I Fund exceeded the International Index by 26 basis points, primarily due to tax advantage. 2 Annualized Net Returns as of May 31, 2026 1-Year 3-Year 5-Year 10-Year G Fund 4.40% 4.43% 3.74% 2.87% 1-Year 3-Year 5-Year 10-Year F Fund 5.16% 3.94% 0.25% 1.79% Bloomberg US Agg Bond Index 5.13% 3.95% 0.17% 1.70% Benchmark Difference 0.03% -0.01% 0.07% 0.09% 1-Year 3-Year 5-Year 10-Year C Fund 29.76% 23.57% 14.12% 15.62% S&P 500 Index 29.78% 23.61% 14.15% 15.65% Benchmark Difference -0.02% -0.04% -0.03% -0.03% 1-Year 3-Year 5-Year 10-Year S Fund 30.48% 21.21% 6.59% 12.14% Dow Jones US Completion TSM Index 30.26% 21.05% 6.40% 11.99% Benchmark Difference 0.22% 0.16% 0.19% 0.15% 1-Year 3-Year 5-Year 10-Year I Fund 34.93% 21.12% 10.57% 10.39% International Index* 34.76% 20.96% 10.33% 10.05% Benchmark Difference 0.17% 0.15% 0.24% 0.34% * MSCI EAFE through July 31, 2024; MSCI ACWI IMI ex USA ex China ex Hong Kong thereafter.
Inception Date 1-Year 3-Year 5-Year 10-Year L Income Fund August 1, 2005 11.48% 9.14% 6.01% 5.47% L 2030 Fund August 1, 2005 19.65% 15.01% 8.63% 9.40% L 2035 Fund July 1, 2020 22.00% 16.30% 9.18% N/A L 2040 Fund August 1, 2005 23.64% 17.35% 9.62% 10.63% L 2045 Fund July 1, 2020 25.07% 18.26% 9.96% N/A L 2050 Fund January 31, 2011 26.51% 19.18% 10.34% 11.64% L 2055 Fund July 1, 2020 31.51% 22.39% 11.87% N/A L 2060 Fund July 1, 2020 31.51% 22.38% 11.86% N/A L 2065 Fund July 1, 2020 31.51% 22.38% 11.86% N/A L 2070 Fund July 26, 2024 31.51% N/A N/A N/A L 2075 Fund June 30, 2025 N/A N/A N/A N/A 3 Performance of TSP Funds The charts below show the G, F, C, S, and I Fund net rates of return vs.
their respective benchmark indices. Net Returns of Individual Funds and Benchmark Indices May 2026 6.00% 5.53% 5.26% 5.26% 4.90% 4.49% 4.46% 4.00% 2.00% 0.39% 0.33% 0.31% n/a n/a 0.01% 0.00% 0.03% 0.00% -0.64% -2.00% G Fund F Fund C Fund S Fund I Fund Fund Index Benchmark Difference Net Returns of Individual Funds and Benchmark Indices YTD 2026 20.00% 16.56% 16.24% 15.00% 13.48% 13.37% 11.26% 11.27% 10.00% 5.00% 1.80% 0.49% 0.38% 0.11% 0.11% 0.32% n/a n/a 0.00% 0.00% -5.00% G Fund F Fund C Fund S Fund I Fund Fund Index Benchmark Difference 4 Net rates of return for the L Funds are shown below, along with comparable returns for the G, F, C, S, and I Funds.
Net Returns of Individual Funds and L Funds Net Returns of L Funds and Underlying Funds May 2026 July 2024 7.00% 6.00% 6.23% 5.26% 6.00% 5.00% 5.00% 5.00% 5.00% 5.00% 4.90% 4.49% 5.00% 4.18% 3.95% 4.00% C Fund 3.71% 4.00% 3.44% S FundS Fund 2.95% 2.86% 3.00% C Fund L 2075 L 2055 L 2065 L 2070 2.46% 2.46% 2.46% L 2060 I Fund 2.33% 2.14% 2.24% 2.02% 2.02% L 2050 L 2045 2.00% 1.75% L 2040 2.00% L 2035 1.66% L 2065 L 2060 F Fund L 2055 1.21% L 2030 1.04% 1.16% L 2050 L 2045 L 2040 L 2030 2035 1.00% C Fund L L 2025 IncomeL Income 0.39% I Fund n/a 0.00% 0.39% 0.33% G Fund 0.00% L -1.00% G Fund F Fund L 2070 -2.00% -2.00% Net Returns of Individual Funds and L Funds YTD 2026 20.00% 16.56% 15.00% 13.48% 13.34% 13.34% 13.34% 13.33% 13.33% 11.26% 11.20% 10.61% 10.03% 10.00% 9.36% I Fund 8.10% S Fund L 2075 L 2055 L 2065 L 2060 L 2070 C Fund L 2050 L 2045 L 2040 4.93% L 2035 5.00% L 2030 L Income 1.80% 0.49% 0.00% G Fund F Fund -5.00% 5 Asset Allocation Participant Asset Allocation History as of May 31, 2026 50% 45% 40% 35% C 30% L 25% G 20% 15% 10% S I 5% F 0% MFW Asset Allocation as of May 31, 2026 Participant Allocation Individual TSP Funds Assets Share of Assets Share of (Billions) Total (Billions) Total G Fund $241.5 20.9% $323.8 28.0% F Fund $22.5 1.9% $39.7 3.4% C Fund $398.3 34.5% $507.9 43.9% S Fund $103.8 9.0% $131.2 11.4% I Fund $78.4 6.8% $152.4 13.2% L Funds $310.5 26.9% n/a n/a MFW $0.9 0.1% $0.9 0.1% Total $1,155.9 100.0% $1,155.9 100.0% *Components may not sum to totals due to rounding.
6 Lifecycle (L) Funds Assets by L Fund $80 $70.5 $70 $68.0 $66.9 $65.3 $61.4 $58.9 $60 $50 Assets (billions) $39.5 $40.0 $40 $30 $20 $18.4 $19.3 $12.4 $13.1 $13.0 $14.0 $10.8 $9.7 $10.3 $10.1 $10 $2.2 $2.4 $1.8 $2.0 $0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 4/30/2026 5/31/2026 Accounts by L Fund 1,200 1,142 1,137 1,000 800 Accounts (thousands) 719 723 588 586 600 451 449 421 423 400 349 351 325 323 222 223 225 236 183 184 200 21 22 0 L Income L 2030 L 2035 L 2040 L 2045 L 2050 L 2055 L 2060 L 2065 L 2070 L 2075 4/30/2026 5/31/2026 7 Participation History of the L Funds as of May 31, 2026 8.0 7,325,267 7.0 6.0 Accounts (millions) 5.0 4,083,465 (56% of accounts) 4.0 3.0 December 2018: BRS window closes January 2018: BRS window opens 2.0 September 2015: L Funds become default for new FERS participants 1.0 2,998,083 (41% of accounts) 0.0 All Accounts Accounts Invested in At Least One L Fund Accounts 100% Invested in L Funds Interfund Transfer Activity Monthly Net Interfund Transfers May 2026 $6,000 $4,000 Monthly Net Interfund Transfers (millions) $2,147 $2,000 $1,447 $235 $15 $0 ($167) ($27) ($2,000) ($4,000) ($3,649) ($6,000) G Fund F Fund C Fund S Fund I Fund L Funds MFW *Values may not sum to zero due to rounding.
Source fold: June 2026 Board Member Packet; Jan & Mar 2026 minutes PDFs. Verify against the live page/PDF before citing beyond this page.
Annual Report to Congress depth
The June 30, 2026 Annual Report provides FERS demographic and behavioral analysis for 2021–2025 under the TSP Enhancement Act reporting requirement, plus MFW counts and plan-design history.
Annual Report of the Thrift Savings Plan Required by §105 of the TSP Enhancement Act of 2009 June 30, 2026 Contents Introduction ........................................................................................................................................ 1 Appendix A.............................................................................................................................................
2 Highlights at a Glance ........................................................................................................................... 3 Introduction ...........................................................................................................................................
4 Background ............................................................................................................................................ 4 Data Collection and Methodology ......................................................................................................
5 Analysis ................................................................................................................................................... 6 Plan Participation ..........................................................................................................................................................................
6 Deferral Rates .................................................................................................................................................................................. 8 Investment Allocation ................................................................................................................................................................
11 Loan and Hardship Withdrawal Usage ........................................................................................................................... 14 Summary ..............................................................................................................................................
16 Appendix B ................................................................................................................................. 17 Appendix C .................................................................................................................................
18 Introduction Introduction In compliance with §105 of the TSP Enhancement Act of 2009, Public Law 111- 31, the Federal Retirement Thrift Investment Board (FRTIB) has prepared this annual report. The report provides an update of the Thrift Savings Plan (TSP), including plan statistics and investment managers’ information.
1 Appendix A Participant Behavior and Demographics (FERS) 2021-2025 Analysis 2 Highlights at a Glance Link Key FERS Statistics 2021 2022 2023 2024 2025 Figure 1 FERS Participation Rate 95.5% 95.1% 95.9% 95.9% 96.2% Figure 3 FERS Deferral Rate 8.4% 8.9% 9.1% 9.2% 9.3% Figure 5 FERS Traditional Deferral Rate 7.5% 8.0% 7.9% 7.7% 7.6% FERS Roth Deferral Rate 5.9% 7.1% 7.1% 7.1% 7.0% Figure 9 FERS Loans Usage 7.0% 6.6% 8.3% 8.5% 9.5% FERS Hardship Withdrawals Usage 4.0% 2.1% 3.1% 3.8% 4.9% 3 Introduction rate to 5% from 3%.
• January 1, 2021, the plan implemented a spillover method for catch-up contributions The Federal Retirement Thrift Investment Board which ensures participants who are eligible for (FRTIB) conducted an analysis of the participant catch-up contributions (age 50 or over) would demographics of the Thrift Savings Plan (TSP) based on have their elective deferrals automatically spill participant data.
over to catch-up contributions once they hit the elective deferral limit. A separate catch-up The report focuses solely on active participants in the election is no longer needed every year. Federal Employee Retirement System (FERS). • June 1, 2022, FRTIB authorized the use of a Information from this analysis provides insight on second general purpose loan.
demographics, investment behaviors, and how plan • June 1, 2022, FRTIB implemented a mutual fund design changes may have influenced participation and window (MFW) that allows qualified contribution behaviors. Finally, this analysis helps identify trends with participant usage of benefit options.
participants to invest a portion of their TSP account in a large number of publicly available mutual funds. As of December 31, 2025, there Background were 8,624 funded MFW accounts with $760 million in assets. FRTIB is an independent Federal agency that was established to administer the Thrift Savings Plan (TSP) under the Federal Employees’ Retirement System Act of 1986 (See 5 U.S.C.
Like the type of savings and tax benefits that many private corporations offer their employees under I.R.C. §401(k) plans, the TSP provides Federal civilian employees and members of the uniformed services the opportunity to save for retirement security. The Agency’s mission is to act solely in the interest of its participants and beneficiaries.
TSP participants can invest their employee and employer contributions in the following core funds: • Government Securities Investment Fund (G Fund) • Fixed Income Index Investment Fund (F Fund) • Common Stock Index Investment Fund (C Fund) • Small Cap Stock Index Investment Fund (S Fund) • International Stock Index Investment Fund (I Fund) In addition to these indexed core funds, participants may also invest in eleven Lifecycle Funds (L Funds).
The L Funds are custom target-date funds, provided in five- year intervals, invested exclusively in the G, F, C, S, and I Funds. As of June 30, 2025, the L 2075 Fund was added, and L 2025 Fund was retired and merged with the L Income Fund. During the five-year period covered by this report, the TSP underwent a few major plan design changes: • October 1, 2020, TSP raised the default deferral 4 impact on the findings compared to reports Data Collection and prior to 2016.
Source fold: TSP-Annual-Report_2025.pdf (frtib.gov Reading Room). Verify against the live page/PDF before citing beyond this page.
Outbound reports checklist
- FRTIB home & Strategic Plan FY2022–2026 — frtib.gov
- Board, Executive Director, and ETAC — board-members
- Meeting minutes (2026 Jan / Mar and peers) — meeting_minutes
- Investment Program Review Dec 2025 — Att2 PDF
- Participant Activity Report Dec 2025 — Reading Room / minutes attachments
- 2025 Annual Report to Congress — PDF
- 2024 Annual Report — PDF
- Reports to Congress index — index
- tsp.gov participant site — tsp.gov (fund pages, Roth conversions, shutdown notices)
- Official video channel TSP4gov — YouTube
Reading notes vs peers
Versus GPIF and NPS: TSP is a participant-directed DC plan, not a single-portfolio public DB reserve with a central strategic asset allocation. Aggregate “fund” returns are composites of participant choices across G/F/C/S/I/L/MFW.
Versus Gulf SWFs on this Registry (ADIA, PIF, KIA): FRTIB publishes monthly asset totals, fund-level nets, expense ratios, and Board minutes — a high-transparency regime. Prefer these primaries over league-table estimates.
Versus GIC: GIC omits AUM; TSP/FRTIB publish Thrift Savings Fund assets in USD. Do not blend the two disclosure cultures in a single sentence without labelling.
Versus private-sector mega 401(k) recordkeepers: TSP’s statutory independence, presidentially appointed Board, and G Fund special-issue Treasury feature are public-sector specifics that do not map 1:1 to corporate DC plans even when expense ratios look similar.
Research method
Method: download frtib.gov Board bios, Strategic Plan page, Reports to Congress PDFs, January/March 2026 minutes, December 2025 Investment Program Review, December 2025 Participant Activity Report, and June 2026 Board Member Packet; extract text with pdftotext; verify person SSR HTTP 200 for ravindra-deo, mike-gerber, dana-bilyeu, stacie-olivares, suzanne-tosini before linking; confirm official TSP4gov YouTube oEmbed for Investment Funds webinar; refuse invented AUM/seats; omit private emails/phones. tsp.gov deep paths returned access-denied to this research crawler on some URLs — FRTIB Reading Room PDFs and board-members HTML were treated as authoritative primaries for figures. Word-count target ~10k sourced words. Daily-refresh left disabled; no list-send; desk-41 and person routes untouched.
Official phrasing bank
Mission (frtib.gov): help current and former civilian employees and members of the uniformed services prepare for their retirement years via the TSP.
Fiduciary charge: administer the TSP solely in the interest of the participants and beneficiaries.
Deo bio: “Executive Director of the largest defined contribution plan in the world.”
Annual Report background: Like the type of savings and tax benefits that many private corporations offer their employees under I.R.C. §401(k) plans, the TSP provides Federal civilian employees and members of the uniformed services the opportunity to save for retirement security.
I Fund footnote: MSCI EAFE through July 31, 2024; MSCI ACWI IMI ex USA ex China ex Hong Kong thereafter.
Expense framing (minutes): 3.4 basis points, or 34 cents for every 1,000 dollars invested.
Data caveats
- Board packet charts round to billions; Investment Program Review totals may show one-decimal billions (e.g., $1,073.2 / $1,155.9) — cite the table you use.
- Participant allocation vs individual-fund basis will not match line-by-line for G/F/C/S/I when L Funds are listed separately.
- Monthly participant statistics can move with workforce, separations, and market marks; always keep the as-of date.
- Homepage tsp.gov marketing expense examples may use fund-level expense ratios that are related to but not identical to the Board’s net administrative expense ratio review.
- CIO title holders changed between January and March 2026 materials — do not flatten McCaffrey and Jerue into one continuous tenure without dates.
- Private staff emails/phones from HTML footers are omitted even when present in page source.
Deliberate omissions
Omitted on purpose: invented pre-2025 “~US$900B” point estimates without as-of dates; unverified fifth Board seat names beyond the four published members + Chair roster on frtib.gov at research time; private contact directories; speculative China-exclusion political narratives beyond the published index footnote; any claim that Influence Index is an FRTIB rating; person SSR links for leona-bridges / michael-jerue / sean-mccaffrey until those routes return 200.
Related UAO links
Ravindra Deo · Mike Gerber · Dana Bilyeu · Stacie Olivares · Suzanne Tosini · GPIF · NPS · NBIM · GIC · CIC · Top 100 · Registry
FAQ
What is the Thrift Savings Plan (TSP) and the Federal Retirement Thrift Investment Board (FRTIB)?
The TSP is the defined contribution retirement savings plan for U.S. federal civilian employees and members of the uniformed services, established under the Federal Employees’ Retirement System Act of 1986 (FERSA). The Federal Retirement Thrift Investment Board is the independent federal agency charged by law to administer the TSP solely in the interest of participants and beneficiaries.
What is the latest official AUM of the Thrift Savings Fund?
As of 31 May 2026, FRTIB’s Thrift Savings Fund Statistics (June 2026 Board Member Packet) reported total assets of about US$1,155.9 billion (~US$1.156 trillion), with Roth assets about US$97 billion. Year-end 2025 total assets were US$1,073.2 billion per the December 2025 Investment Program Review.
How many TSP accounts are there and what is the average balance?
As of May 2026, the plan reported 7,325,267 total accounts with an average balance of US$157,797. FERS accounts averaged US$233,829. Nearly 2.87 million Roth accounts averaged US$33,707.
Who leads the FRTIB and the TSP?
Mike Gerber chairs the Board. Ravindra Deo is Executive Director. Board members as published on frtib.gov include Dana Bilyeu, Leona M. Bridges, and Stacie Olivares. Suzanne Tosini serves as Chief Operating Officer and Deputy Executive Director. Michael Jerue was introduced as Chief Investment Officer at the March 2026 Board meeting.
What were 2025 net returns for the core TSP funds?
Per the FRTIB Investment Program Review as of 31 December 2025 (net): G Fund 4.44%; F Fund 7.21%; C Fund 17.85%; S Fund 11.38%; I Fund 32.45%. Ten-year annualized nets: G 2.76%; F 2.11%; C 14.79%; S 11.04%; I 8.70%.
What is the TSP’s expense ratio?
For calendar 2025, net administrative expenses were US$341 million and the net expense ratio charged to participants was 3.4 basis points (34 cents per US$1,000 invested), down from 3.6 basis points in 2024, per January 2026 Board minutes.
What investment options does the TSP offer?
Five core funds (G, F, C, S, I), eleven Lifecycle (L) Funds invested exclusively in those cores, and a Mutual Fund Window for qualified participants. As of 31 December 2025 the MFW had 8,624 funded accounts and about US$760 million in assets. The L 2075 Fund was added 30 June 2025.
Who manages the F, C, S, and I Funds?
FRTIB investment program reviews disclose separate accounts managed by BlackRock and State Street for the F, C, S, and I Funds, with monthly and annual net returns and benchmark differences reported to the Board.
Is FRTIB a GovernmentOrganization for schema purposes?
Yes. FRTIB is an independent federal agency established by statute to administer the TSP. This profile models Organization + GovernmentOrganization with sameAs limited to official frtib.gov / tsp.gov / TSP4gov URLs.
Does this profile invent AUM or seats?
No. Assets, participant counts, returns, expense ratios, and board roster items are taken from dated FRTIB disclosures (board packets, Investment Program Review, Annual Report to Congress, meeting minutes, and frtib.gov board bios). Private emails and phone directories are omitted.
Where should corrections be sent?
Corrections: info@universalassetowners.com. Prefer official FRTIB/TSP primaries over secondary press when figures conflict.
Is the UAO Influence Index a rating of the TSP?
No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation — not a credit rating, performance score, or official FRTIB/TSP metric.
Sources & further reading
- FRTIB — home, Board / ED / ETAC, Reports to Congress, meeting minutes & attachments.
- Investment Program Review (Dec 2025) — PDF.
- 2025 Annual Report of the Thrift Savings Plan (30 Jun 2026) — PDF.
- June 2026 Board Member Packet / Thrift Savings Fund Statistics (May 2026) — Board materials circulating with FRTIB May figures (total assets ~US$1.156T).
- tsp.gov — participant plan site (Roth in-plan conversions, fund options, shutdown operations notices).
- Official video: TSP4gov — TSP Webinars: Investment Funds.
- Secondary (labelled): federal-employee / trade press citing FRTIB millionaire and average-balance milestones — always verify against Board packet tables.
Official video
Official TSP4gov YouTube webinar “TSP Webinars: Investment Funds” (oEmbed author_name TSP4gov). Embedded via YouTube nocookie. Alternate official upload: “TSP Webinars: Intro to TSP” (pxJnu2RccyQ).
Completeness note
This profile targets ~10,000 sourced words from opened FRTIB Board packets, Investment Program Review, Annual Report to Congress, meeting minutes, and board-member bios. Non-blocking expansions: full ETAC roster PDF transcription; audited financial statement notes; complete L-fund asset-by-fund chart series; tsp.gov fund fact sheets once crawler access is stable; FY2022–2026 Strategic Plan full PDF text. No filler invented to hit the floor.