18. Department of Labor and Related Agencies · Notable
Pull federal pension funds from BlackRock and State Street
Printed page 608 18. Department of Labor and Related Agencies
“The federal government should follow the lead of multiple state governments in removing their pension funds from fund managers such as BlackRock and State Street Global Advisers, and contract with a competitive, private-sector manager that will comply with its fiduciary duties.”
What has happened
- Not started
Federal retirement money has not been moved away from BlackRock or State Street. Both remain the Thrift Savings Plan's investment managers: the Federal Retirement Thrift Investment Board's June 2026 Investment Program Review reports separate-account performance for both firms across the F, C, S and I Funds, and the Board took BlackRock's annual investment-manager service review at its 2026-07-28 meeting.
Research log
What was searched, and what didn’t count as evidence
Research notes
- “Moved the other way” pattern under §3b: Status stays not started and the dated Primary Evidence shows the relationship continuing, eighteen months into the window.
- The Quote also asks that the funds be moved to “a competitive, private-sector manager”; the TSP’s managers are already private-sector firms selected competitively, so the ask is really about these two firms in particular.
- The Federal Employees Retirement System’s defined-benefit fund is invested in special-issue Treasury securities and has no external manager, so the TSP is the only federal pension money BlackRock or State Street handles.
- Action
- transfer
- Object
- Federal pension fund managers (BlackRock, State Street)
- ID
- 1675