TSP L Funds 2026: Allocation, Assets and FRTIB Data by Fund
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Quick Answer
The L Fund for people born 1965 to 1969 (L 2030) holds 41.73 percent of its money in the G Fund today and will hold 64.75 percent on the day it rolls into L Income in July 2030, according to the target allocations tsp.gov publishes. The L 2030 Fund's target for the quarter beginning October 2026 is 41.73 percent G Fund and 52.50 percent in the C, S and I Funds combined. All eleven L Funds together passed $300 billion at the end of May 2026, the FRTIB Board was told on June 23, 2026. At its March 24, 2026 meeting the FRTIB said 56 percent of TSP accounts hold at least one L Fund and 41 percent are fully invested in them, and at the July 28, 2026 meeting that more than three million accounts are 100 percent in L Funds. Total expense ratios run from 0.035 percent (L Income) to 0.041 percent. As of November 11, 2026. This is analysis of public documents, not investment, legal or tax advice.
Key Takeaways
- Each of the eleven L Funds is a fixed mix of the G, F, C, S and I Funds that tsp.gov restates every quarter. For the October 2026 quarter, L Income is 66.37 percent G and 28.25 percent stocks (C, S and I together); L 2030 is 41.73 percent G and 52.50 percent stocks; L 2040 is 21.60 percent G and 71.75 percent stocks; L 2055 through L 2075 hold 99.00 percent stocks.
- Only two funds changed their stock share over the last year. From the October 2025 quarter to the October 2026 quarter, L 2030 fell from 58.50 percent stocks to 52.50 percent and L Income rose from 27.25 percent to 28.25 percent; L 2035 through L 2075 did not change (our arithmetic from the published table).
- The L 2030 path is steep. The G Fund share climbs 15 quarterly steps of 1.47 to 1.59 percentage points each, from 41.73 percent to 64.75 percent, and stocks fall from 52.50 percent to 30.00 percent. On a $500,000 balance with no growth, that is $208,650 in the G Fund now against $323,750 in July 2030 (our arithmetic).
- The FRTIB's own counts are the part nobody else lines up. L Funds finished May 2026 above $300 billion for the first time; 56 percent of TSP accounts hold at least one L Fund (March 24, 2026); more than three million accounts are 100 percent in L Funds, about 41 percent of 7.3 million accounts (July 28, 2026). The Board minutes say automatic enrollment into age-appropriate L Funds drives the growth, but we found no published percentage of new participants defaulted.
- tsp.gov lists assets by fund without an as-of date: L 2040 $64.6 billion, L 2030 $64.3 billion, L 2050 $55.1 billion, L Income $39.3 billion, L 2035 $16.7 billion. Those eleven pages add to about $282.7 billion (our arithmetic), below the Board's May 31, 2026 figure, so they are not the same date.
- The glide path was last studied in 2024. The Board heard on May 21, 2024 that Aon found “no compelling reason to make any modifications to the L Funds’ glide paths”; the FRTIB set a policy on April 25, 2023 to review the glide path at least once every three years, which would put the next review by 2027 (our reading of that policy). Since 2023 the terminal age is 63 and L Income is moving from 20 to 30 percent stocks.
- Total expense ratios as of December 31, 2025: 0.035 percent for L Income, 0.038 to 0.041 percent for the rest, or $0.350 to $0.410 per $1,000. Returns through October 2026: L 2030 up 8.43 percent year to date and 9.55 percent over one year; calendar-year 2022 was minus 10.3 percent for L 2030 and minus 2.7 percent for L Income (our arithmetic from tsp.gov monthly values).
CSV · 279 rows
TSP L Funds: quarterly target allocations, fund assets and fees, returns, FRTIB Board participation data and glide path decisions
279 rows: each L Fund's target mix for the October 2026 quarter and a year earlier, the L 2030 path to July 2030, assets, expense ratios and returns from tsp.gov, FRTIB Board minutes with meeting dates, glide path decisions since 2022, and the worked example (our arithmetic).
What each L Fund holds for the October 2026 quarter
tsp.gov says “Each of the eleven Lifecycle (L) Funds is a diversified mix of the five individual funds (G, F, C, S, and I).” The mix is a target: the TSP rebalances every trading day to bring each fund back to it, and moves the target each quarter. The table below is the target for the quarter that began in October 2026, read from the allocation table that powers the tsp.gov fund pages. The last column is C plus S plus I (our arithmetic).
| L Fund | Birth years, or first withdrawal | G | F | C | S | I | Stocks (C+S+I) |
|---|---|---|---|---|---|---|---|
| L Income | Before 1965, or withdrawing before 2028 | 66.37% | 5.38% | 14.69% | 3.67% | 9.89% | 28.25% |
| L 2030 | 1965-1969, or 2028-2032 | 41.73% | 5.77% | 27.30% | 6.82% | 18.38% | 52.50% |
| L 2035 | 1970-1974, or 2033-2037 | 27.89% | 6.17% | 34.29% | 8.57% | 23.08% | 65.94% |
| L 2040 | 1975-1979, or 2038-2042 | 21.60% | 6.65% | 37.31% | 9.33% | 25.11% | 71.75% |
| L 2045 | 1980-1984, or 2043-2047 | 16.34% | 6.91% | 39.91% | 9.98% | 26.86% | 76.75% |
| L 2050 | 1985-1989, or 2048-2052 | 11.50% | 6.75% | 42.51% | 10.63% | 28.61% | 81.75% |
| L 2055 | 1990-1994, or 2053-2057 | 0.57% | 0.43% | 51.48% | 12.87% | 34.65% | 99.00% |
| L 2060 | 1995-1999, or 2058-2062 | 0.50% | 0.50% | 51.48% | 12.87% | 34.65% | 99.00% |
| L 2065 | 2000-2004, or 2063-2067 | 0.44% | 0.56% | 51.48% | 12.87% | 34.65% | 99.00% |
| L 2070 | 2005-2009, or 2068-2072 | 0.36% | 0.64% | 51.48% | 12.87% | 34.65% | 99.00% |
| L 2075 | After 2009, or 2073 or later | 0.36% | 0.64% | 51.48% | 12.87% | 34.65% | 99.00% |
Three things stand out. L Income, the fund for people already withdrawing, is two-thirds in the G Fund. The funds from L 2055 on are almost entirely stocks, 99.00 percent, with under 1 percent in the G Fund. And the middle of the lineup is where the TSP changes the mix fastest: L 2030 holds 52.50 percent in stocks against 71.75 percent for L 2040 and 81.75 percent for L 2050.
What changed in a year, and which funds are standing still
Comparing the October 2025 quarter with the October 2026 quarter in the same table shows that only two funds are moving their stock share.
| L Fund | G, Oct 2025 | G, Oct 2026 | G change (points) | Stocks, Oct 2025 | Stocks, Oct 2026 | Stocks change (points) |
|---|---|---|---|---|---|---|
| L Income | 67.29% | 66.37% | -0.92 | 27.25% | 28.25% | +1.00 |
| L 2030 | 35.94% | 41.73% | +5.79 | 58.50% | 52.50% | -6.00 |
| L 2035 | 27.68% | 27.89% | +0.21 | 65.94% | 65.94% | +0.00 |
| L 2040 | 21.42% | 21.60% | +0.18 | 71.75% | 71.75% | +0.00 |
| L 2045 | 16.10% | 16.34% | +0.24 | 76.75% | 76.75% | +0.00 |
| L 2050 | 11.27% | 11.50% | +0.23 | 81.75% | 81.75% | +0.00 |
| L 2055 | 0.55% | 0.57% | +0.02 | 99.00% | 99.00% | +0.00 |
| L 2060 | 0.49% | 0.50% | +0.01 | 99.00% | 99.00% | +0.00 |
| L 2065 | 0.43% | 0.44% | +0.01 | 99.00% | 99.00% | +0.00 |
| L 2070 | 0.36% | 0.36% | +0.00 | 99.00% | 99.00% | +0.00 |
| L 2075 | 0.36% | 0.36% | +0.00 | 99.00% | 99.00% | +0.00 |
L 2030 is the one that is visibly de-risking: its G Fund share rose 5.79 points and its stock share fell 6.00 points in twelve months. L Income went the other way, adding 1.00 point of stocks. That is the policy the Board minutes of April 25, 2023 describe: “They shifted the terminal point of the glidepath to age 63 from age 62 and initiated a ten-year transition of stock allocations in the L Income Fund from 20 percent to 30 percent.” The table reaches 30.00 percent stocks in July 2028.
The funds from L 2035 to L 2050 are on a plateau. Reading the table forward, their stock share is flat today and starts to fall in April 2027 for L 2035, October 2028 for L 2040, October 2030 for L 2045 and October 2032 for L 2050 (our reading of the published table, first quarter with a lower stock share). Until those dates the only thing that moves in them is a few hundredths of a point between the G and F Funds.
L Income also keeps changing. tsp.gov says every quarter the target allocations of all the L Funds except L Income are adjusted, but the table has L Income moving each quarter until July 2028:
| L Income quarter | G | F | C | S | I | Stocks (C+S+I) |
|---|---|---|---|---|---|---|
| October 2025 | 67.29% | 5.46% | 14.17% | 3.54% | 9.54% | 27.25% |
| January 2026 | 67.06% | 5.44% | 14.30% | 3.57% | 9.63% | 27.50% |
| October 2026 | 66.37% | 5.38% | 14.69% | 3.67% | 9.89% | 28.25% |
| July 2028 | 64.75% | 5.25% | 15.60% | 3.90% | 10.50% | 30.00% |
The L 2030 path to July 2030, and a worked example
tsp.gov says “The L 2030 Fund will roll into the L Income Fund automatically in July 2030 when its allocation becomes the same as the allocation of the L Income Fund.” The table gives the quarter-by-quarter path. Selected dates:
| L 2030 quarter | G | F | C | S | I | Stocks (C+S+I) |
|---|---|---|---|---|---|---|
| October 2026 | 41.73% | 5.77% | 27.30% | 6.82% | 18.38% | 52.50% |
| July 2027 | 46.15% | 5.85% | 24.96% | 6.24% | 16.80% | 48.00% |
| July 2028 | 52.20% | 5.80% | 21.84% | 5.46% | 14.70% | 42.00% |
| July 2029 | 58.40% | 5.60% | 18.72% | 4.68% | 12.60% | 36.00% |
| January 2030 | 61.58% | 5.43% | 17.15% | 4.29% | 11.55% | 32.99% |
| April 2030 | 63.16% | 5.34% | 16.38% | 4.09% | 11.03% | 31.50% |
| July 2030 | 64.75% | 5.25% | 15.60% | 3.90% | 10.50% | 30.00% |
The G Fund share rises by 1.47 percentage points in the first quarterly step (October 2026 to January 2027) and by 1.59 points in the last ones, 15 steps and 23.02 points in all (our arithmetic). The steps get bigger as the date approaches.
Worked example (our arithmetic). Take a federal employee born in 1967 who has $500,000 in L 2030 and expects to retire in 2030. This is an illustration with no growth and no contributions, not a forecast.
| Quarter | G Fund share | Dollars in the G Fund | Stocks share | Dollars in stocks |
|---|---|---|---|---|
| October 2026 (today) | 41.73% | $208,650.00 | 52.50% | $262,500.00 |
| July 2030 (roll into L Income) | 64.75% | $323,750.00 | 30.00% | $150,000.00 |
| Difference | +23.02 points | +$115,100.00 | -22.50 points | -$112,500.00 |
On the same $500,000 the target moves $115,100 into the G Fund and $112,500 out of stocks over the 15 quarterly steps. Market moves change the dollars, but the daily rebalancing keeps the shares at the target. The L Income allocation the fund lands on is the one L Income itself reaches in July 2028 (64.75 percent G, 30.00 percent stocks), so a person who is already in L Income in 2028 has the same mix.
What the FRTIB says about size and participation
The minutes of the monthly FRTIB Board meetings are where the Agency reports L Fund data, and the numbers are scattered across a dozen documents. Here they are by meeting date.
| Board meeting | What the minutes report | Figure |
|---|---|---|
| May 29, 2025 | L Funds share of participant assets (April 2025); 10 years earlier was 17 percent | just under 25 percent |
| May 29, 2025 | Participants with at least some assets in L Funds / all assets in L Funds (April 30, 2025) | 54 percent / 39 percent |
| June 24, 2025 | L Funds above 25 percent of participant allocations for the first time | over 25 percent |
| July 22, 2025 | TSP accounts; some assets in L Funds; all assets in L Funds | over 7.2 million; 55 percent; 40 percent |
| September 25, 2025 | First month-end (August 31) with accounts invested in L Funds at or above | 4 million accounts |
| October 28, 2025 | New participant accounts added to L Funds in the month; largest increase in L 2070 | approximately 23,000 |
| January 27, 2026 | L Funds participation increase in December 2025 | about 13,000 accounts |
| March 24, 2026 | TSP accounts in at least one L Fund / fully in L Funds | 56 percent / 41 percent |
| June 23, 2026 | L Fund assets at the end of May 2026, first time above | 300 billion dollars |
| July 28, 2026 | Accounts 100 percent in L Funds, first time above; share of 7.3 million accounts | 3 million; approximately 41 percent |
Two sentences from the minutes explain the direction. On July 22, 2025 the Board heard that “The L Funds now trail only the C Fund in terms of asset allocation for participants.” On March 24, 2026 it was told “Since inception in 2005, L Fund growth is primarily driven by automatic enrollment of new participants and default assignment to age-appropriate L Funds.”
What we did not find: a published percentage of new participants who are defaulted into an L Fund, and a dollar figure for each L Fund from the FRTIB. The minutes give monthly additions, which ranged from about 2,000 accounts (January 2026) to about 23,000 (reported on October 28, 2025), and the totals above. The August 25 and September 22, 2026 minutes carry no L Fund figures, and the October 2026 minutes were not posted when we compiled this page.
Assets and fees fund by fund, from tsp.gov
Each fund page on tsp.gov shows its assets, inception date and total expense ratio. The expense ratio is stated as of December 31, 2025. The assets are shown without a date. The eleven pages add to about 282.7 billion dollars (our arithmetic), less than the Board's figure for May 31, 2026, so they are older or measured differently.
| L Fund | Assets on the page | Total expense ratio | Per $1,000 | Risk label | Inception |
|---|---|---|---|---|---|
| L Income | $39.3 billion | 0.035% | $0.350 per $1,000 | Low | Aug 1, 2005 |
| L 2030 | $64.3 billion | 0.039% | $0.390 per $1,000 | Medium | Aug 1, 2005 |
| L 2035 | $16.7 billion | 0.038% | $0.380 per $1,000 | Medium | Jul 1, 2020 |
| L 2040 | $64.6 billion | 0.040% | $0.400 per $1,000 | Medium-high | Aug 1, 2005 |
| L 2045 | $11.1 billion | 0.039% | $0.390 per $1,000 | Medium-high | Jul 1, 2020 |
| L 2050 | $55.1 billion | 0.041% | $0.410 per $1,000 | High | Jan 31, 2011 |
| L 2055 | $11.2 billion | 0.041% | $0.410 per $1,000 | High | Jul 1, 2020 |
| L 2060 | $8.3 billion | 0.041% | $0.410 per $1,000 | High | Jul 1, 2020 |
| L 2065 | $9.0 billion | 0.041% | $0.410 per $1,000 | High | Jul 1, 2020 |
| L 2070 | $1.9 billion | 0.041% | $0.410 per $1,000 | High | Jul 26, 2024 |
| L 2075 | $1.2 billion | 0.038% | $0.380 per $1,000 | High | Jun 30, 2025 |
The gap between the cheapest and the dearest L Fund is 0.006 percentage points, or $0.060 per $1,000 a year (our arithmetic).
Returns, through October 2026 and by calendar year
tsp.gov publishes average annual returns for the L Funds through the end of October 2026. A dash on its table, shown here as n/a, means the fund is too young for that period.
| L Fund | Year to date | 1 year | 3 years (annualized) | 5 years (annualized) | 10 years (annualized) |
|---|---|---|---|---|---|
| L Income | 6.06% | 6.97% | 9.26% | 5.84% | 5.47% |
| L 2030 | 8.43% | 9.55% | 15.21% | 7.86% | 9.25% |
| L 2035 | 9.24% | 10.41% | 16.42% | 8.25% | n/a |
| L 2040 | 9.69% | 10.89% | 17.48% | 8.57% | 10.40% |
| L 2045 | 10.08% | 11.31% | 18.39% | 8.82% | n/a |
| L 2050 | 10.49% | 11.76% | 19.30% | 9.10% | 11.36% |
| L 2055 | 12.17% | 13.56% | 22.37% | 10.34% | n/a |
| L 2060 | 12.17% | 13.56% | 22.37% | 10.34% | n/a |
| L 2065 | 12.17% | 13.56% | 22.37% | 10.33% | n/a |
| L 2070 | 12.16% | 13.55% | n/a | n/a | n/a |
| L 2075 | 12.16% | 13.55% | n/a | n/a | n/a |
The tsp.gov growth-of-$100 files give a monthly value for each fund. Dividing each December value by the previous December gives calendar-year returns (our arithmetic, rounded to one decimal; the source values have two decimals).
| L Fund | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| L Income | -2.7% | 9.0% | 7.4% | 9.4% |
| L 2030 | -10.3% | 15.8% | 11.5% | 15.2% |
| L 2035 | -11.7% | 16.9% | 12.2% | 16.3% |
| L 2040 | -12.9% | 18.0% | 12.9% | 17.3% |
| L 2045 | -14.0% | 19.0% | 13.4% | 18.2% |
| L 2050 | -15.1% | 20.0% | 14.0% | 19.1% |
| L 2055 | -17.6% | 23.3% | 16.3% | 21.9% |
| L 2060 | -17.6% | 23.3% | 16.3% | 21.9% |
| L 2065 | -17.6% | 23.3% | 16.3% | 21.9% |
| L 2070 | n/a | n/a | n/a | 21.9% |
| L 2075 | n/a | n/a | n/a | n/a |
The spread in 2022 is the clearest picture of what the stock share does: L Income fell 2.7 percent, L 2030 fell 10.3 percent and L 2055 fell 17.6 percent. In 2023 the same order reversed, with L Income up 9.0 percent and L 2055 up 23.3 percent. Past returns do not predict future ones, and each fund's mix at the time was different from today's.
How the glide path was set, and when it changes
The L Funds' design has been reviewed by an outside consultant, Aon, and the reviews are in the Board minutes.
| Date | Event | What the minutes say |
|---|---|---|
| May 24, 2022 | Aon glide path review | Aon concluded the current risk level of the funds is appropriate and that no alternative structure yields meaningfully different results |
| April 25, 2023 | Glide path changes explained | Terminal point moved to age 63 from 62; L Income stocks 20 percent to 30 percent over ten years; 99 percent equity target for the youngest participants; L 2065 created; policy to review the glidepath at least once every three years |
| November 14, 2023 | I Fund benchmark vote | Board approved moving the I Fund from the MSCI EAFE Index to the MSCI ACWI IMI ex USA ex China ex Hong Kong Index during 2024 |
| May 21, 2024 | Aon 2024 L Funds study | No change to the glide paths; scenarios were within one percentage point of the best and worst outcomes |
| July 2024 | L 2070 launches | tsp.gov lists the L 2070 inception date as July 26, 2024 |
| November 21, 2024 | I Fund transition done | Managers completed the move to the new index before the end of October 2024 |
| June 30, 2025 | L 2075 launches, L 2025 retires | L 2025 rolled into L Income; tsp.gov lists the L 2075 inception date as June 30, 2025 |
The May 21, 2024 study also gave a number worth knowing. For a model L 2040 participant, Aon found a 24 percent chance of a negative return in the two years before the first withdrawal. And Aon recommended continuing “its current plan of transitioning to higher equity allocations, as decided in 2018”. That plan is why L 2055 to L 2075 start at 99 percent stocks and why L Income is being raised to 30 percent.
We found no 2026 board decision on the glide path and no new L Fund in 2026. With the policy of a review at least every three years and the last study in May 2024, the next one is due by 2027 (our reading, not a date the FRTIB has announced). When a fund reaches its date it ends: tsp.gov says money in it becomes part of L Income. L 2030 is next, in July 2030.
What a reader can do with this
These are choices, not recommendations. The right one depends on facts that only you have.
- Find your row. The fund is picked by birth year or first-withdrawal year on tsp.gov, but you are not required to hold it. The table above shows the G Fund and stock share that fund targets today, and the L 2030 example shows how far that share will move before the roll date.
- Check the stock share at your date, not today. For L 2030 the stock share falls from 52.50 percent to 30.00 percent over 15 quarters. For L 2035 to L 2050 it is flat for now and falls later, on the dates above.
- Compare it with your own mix. An L Fund is the same five funds. If you hold the individual funds, adding up your own G, F, C, S and I shares against an L Fund's row shows how different your mix is, and you must rebalance it yourself, which the L Fund does daily.
- Know what the daily rebalancing does. Contributions and returns change a balance, but the L Fund resets its mix to the target every trading day, so the shares in the table are the shares you hold.
- If you plan Roth in-plan conversions, see our TSP Roth in-plan conversion guide; it covers a different decision from the fund mix. If you are weighing a rollover out of the TSP, see our 401(k) rollover to IRA guide.
Update alert · free
An email when the tsp l fund allocations and glide path numbers change
When a rate, rule or filing behind this page changes: what changed, the one number that matters, and the source to check it yourself.
More for federal retirees, read from the same kind of primary documents: the 2027 FERS and CSRS COLA by retirement month, FEHB and PSHB 2027 premiums, plan by plan, FEGLI Option B premiums after 65, the FERS supplement's 2027 earnings limit, FLTCIP premium increases since 2010, OPM's retirement backlog, month by month and keeping the TSP or rolling it to an IRA.
FAQ
Sources, read and saved on November 11, 2026: tsp.gov fund pages for L Income and L 2030 through L 2075 (allocation table in lifecycle.js, assets, expense ratios, inception dates), tsp.gov “What is a lifecycle fund?”, tsp.gov average annual returns file (getLfundsAverageAnnualReturns.csv, through October 2026) and growth-of-$100 files for each L Fund; FRTIB Board meeting minutes of May 24, 2022, April 25, 2023, November 14, 2023, May 21, 2024, July 23, 2024, November 21, 2024, and 2025 and 2026 meetings from January 28, 2025 through September 22, 2026. The October 2026 minutes were not yet posted. This is analysis of public documents, not investment, legal or tax advice.
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