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Government Trust Fund

There is a big difference in the usage of the term trust fund when we refer to it in the private sector and its reference as far as the government is concerned. In its private usage the beneficiary of the trust fund is the owner of the income that the trust creates and he or she is also the owner of the trust fund's assets. The management of the trust fund is left to a trustee or a guardian. This person thus manages the trust fund's assets on behalf of the beneficiary and acts in accordance with the laid down rules and regulations of the trust and they cannot make any alterations to these rules or regulations independently.

Dissimilarly, the federal government who is the owner of the assets and earnings of any government trust fund can be able to increase or decrease future trust fund collections and payments or can even change the determination of for which the payments or collections are used by changing existing laws.

Any government fund that is lawfully nominated as a trust fund without regard to any other meaning of the term is called a trust fund. The work of a government trust fund is to show the revenues compensate receipts or compensated collections and expenditures that result from the discharge of law that outlines the fund as a trust fund. The federal government has more than 200 trust finds and the biggest and most popularly known being the include Social Security and Medicare and money spent on building and maintaining infrastructures such as the highway and the Airport and the Airway Trusts.

There are many different government trust funds for example the Social Security Trust Funds such as the Old Age and Survivors (OASI) and the Disability Insurance (DI) which are accounts managed by the Department of the Treasury. While benefits for retired workers and their families and benefits to the families of the departed are paid for from the OASI trust fund, the benefits to the disabled workers and their families are paid for by the DI trust fund. In 2009, more than 98% of the total money that was paid out was for benefit payments.

Recently there was the Oil Spill Liability Trust Fund (OSLTF) catering for the oil spills that took place in the Gulf of Mexico on April 30, 2010. The billion dollar fund was established for the purpose of paying for the removal costs and damage costs that resulted from oil spills or considerable threats of oil spills to the navigable waters of the United States.

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