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

Author

Listed:
  • Skidmore, Mark
  • Alvayay Torrejón, Camila
  • Pare, David

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.

Suggested Citation

  • Skidmore, Mark & Alvayay Torrejón, Camila & Pare, David, 2024. "Explaining fluctuations in the Thrift Savings Fund daily balance at U.S. treasury," Journal of Pension Economics and Finance, Cambridge University Press, vol. 23(2), pages 224-242, April.
    • Handle: RePEc:cup:jpenef:v:23:y:2024:i:2:p:224-242_4
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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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