Trust Fund Management Program
The Secretary of the U.S. Treasury is designated by law as the managing trustee for eighteen of the approximately two hundred thirty Federal Investment Funds. With over $2.5 Trillion in assets, the Treasury-managed Investment Funds are the majority of the largest Trust Funds in the Federal Government. They receive Social Security, Medicare, excise and employment taxes---all collected by Treasury---as well as premiums, fines, penalties and other designated monies collected by the agencies that administer the programs for which these Trust Funds exist.
The Bureau of the Fiscal Service (Fiscal Service) is delegated the responsibility for administering these eighteen Funds. For each of these Funds, Fiscal Service immediately invests all receipts credited to the Fund, and maintains the invested assets in the Trust Fund account until money is needed by the related Federal Program agency to fund program activity, such as Social Security and unemployment benefit payments, as well as highway funding.
When the program agencies determine that monies are needed, Fiscal Service redeems securities from the Funds' investment balances, and transfers the cash proceeds, including interest earned on the investments, to the program accounts for disbursement by the agency. The Bureau provides monthly and other periodic reporting to each Fund's program agency.
Effective April 13, 2009, the Treasury Account Fund Symbols for the Treasury Managed Trust Funds will be renumbered to change the agency code from 20 to the program agency code. See The Treasury Financial Management Manual Announcement A-2009-04 for more detail on this change.