The Federal Retirement Thrift Investment Board (FRTIB) announced today that it has awarded the second of two fund manager contracts for the F, C, S and I Funds in the Thrift Savings Plan.
The FRTIB selected State Street Global Advisors Trust Company to manage the funds for a two-year base period, with four two-year options. Earlier this year, the FRTIB awarded a fund manager contract to BlackRock which will also manage assets for all four Funds. The Funds were previously solely managed by BlackRock, but a request for proposal issued by the FRTIB last May sought two managers.
The F Fund is a bond index fund that tracks the Bloomberg Barclays U.S. Aggregate Bond Index. This broad index includes U.S. Government, Agency, mortgage-backed, asset-backed, corporate, and foreign government (issued in the U.S.) sectors of the U.S. bond market. As of September 30, 2020, the F Fund held $38 billion in assets.
The C Fund is a stock index fund that tracks the Standard and Poor’s 500 (S&P 500) Index, a broad market index made up of stocks of 500 large to medium-sized U.S. companies. As of September 30, 2020, the C Fund held $228 billion in assets.
The S Fund is a stock index fund that tracks the Dow Jones U.S. Completion Total Stock Market Index, a broad market index made up of stocks of U.S. companies not included in the S&P 500 Index. As of September 30, 2020, the S Fund held $72 billion in assets.
The I Fund is a stock index fund that tracks the MSCI EAFE (Europe, Australasia, Far East) Index, a broad market index made up of the equity markets of the developed world outside of the United States and Canada. As of September 30, 2020, the I Fund held $51 billion in assets.
As of September 30, 2020, the TSP assets totaled approximately $651 billion, and retirement savings accounts were being maintained for more than 6.0 million TSP participants.