Explaining fluctuations in the Thrift Savings Fund daily balance at U.S. treasury

Mark Skidmore, Camila Alvayay Torrejón and David Pare

Journal of Pension Economics and Finance, 2024, vol. 23, issue 2, 224-242

Abstract: This article examines the G-Fund, which is one of the five funds in the federal government employee retirement Thrift Savings Plan. The G-Fund is held as internal debt by the U.S. Department of Treasury. Our examination shows that the fund balance is exclusively composed of 1-day notes that are redeemed/reissued every business day, generating $55 trillion in annual debt reissuance. We also show that the fund balance drops substantially as resources are transferred to the general fund when the government is constrained by a debt ceiling and returns to pre-constraint levels when the ceiling is expanded/suspended.

Date: 2024
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Working Paper: Explaining Fluctuations in the Thrift Savings Fund Daily Balance at U.S. Treasury (2021)
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