P&G PST and Savings Plan Investment Options
/Updated August 2026
P&G's two retirement plans draw from a single menu of 12 investment options. The Savings Plan gives you the whole menu at any age. The PST (Procter & Gamble Profit Sharing Trust) gives you five of the twelve until age 45, then all of them, with a floor: 40% of the account stays in P&G stock. Understanding that split is more useful than memorizing the funds, because it determines where your diversified equity can live during a P&G career and what the PST can and cannot do for you before 45.
This article lays out the menu, the pre-mixed portfolios, the age 45 rule, and how the two plans should be set relative to each other. For how the plans are funded and vested, start with P&G Retirement Plans Explained.
The Menu: 12 Options in Four Groups
Every option other than P&G stock is an index fund or a fund of index funds. The plans' 2024 financial statements filed with the SEC show the underlying funds managed by BlackRock and State Street Global Advisors, with expense ratios in the single-digit basis points as of the plan materials we have reviewed. That cost level matters later, when you weigh leaving money in the plan against rolling it out.
Capital preservation
Money Market Fund. Short-term government securities, commercial paper, and CDs. Same-day liquidity.
US Short-Term Bond Index Fund. Tracks the Bloomberg US 1-3 Year Government/Credit Index.
Income and inflation
US Intermediate Term Bond Index Fund. Tracks the Bloomberg US Aggregate Bond Index: Treasuries, agencies, investment-grade corporates, and mortgage-backed securities.
Real Return Fund. Tracks a blended benchmark of Treasury Inflation-Protected Securities, global real estate investment trusts, and commodities, weighted roughly 45/40/15. Three asset classes with limited correlation to equities.
Equity index
Large Cap Equity Index Fund. Tracks the S&P 500. P&G itself is a top holding.
Global Equity Index Fund. Tracks the MSCI ACWI IMI, which covers developed and emerging markets across the full capitalization range.
International Equity Index Fund. Tracks the MSCI ACWI ex-US Index.
Small Cap Equity Index Fund. Tracks the Russell 2000, held as a separately managed account.
P&G Common Stock
The company's common shares, ticker PG. Trades inside the plan carry a $0.02 per share transaction fee.
The three Pre-Mixed Portfolios round out the twelve and are covered next. A small number of long-tenured participants also hold J.M. Smucker shares received in the 2002 Jif and Crisco transaction; those can be held or sold but not bought. And P&G preferred stock is not an investment option. It was an allocation, delivered through the annual PST credit until the preferred supply ran out in 2024, and it remains in participant accounts at its $6.82 basis. We covered that in Farewell to Preferred Shares.
The Three Pre-Mixed Portfolios
The pre-mixed portfolios are the one place the plan does allocation for you. Each is built from the individual funds above and rebalanced monthly. Per the most recent plan materials we have reviewed:
Pre-Mixed A (Income): 15% Short-Term Bond, 45% Intermediate Term Bond, 20% Real Return, 20% Global Equity.
Pre-Mixed B (Growth & Income): 10% Short-Term Bond, 35% Intermediate Term Bond, 15% Real Return, 40% Global Equity.
Pre-Mixed C (Growth): 10% Intermediate Term Bond, 15% Real Return, 75% Global Equity.
None of the three holds P&G stock, and all three use the Global Equity Index Fund as their sole equity sleeve. For a Savings Plan participant who wants a single choice, C at 75% equity is the most aggressive option the plan offers without building your own mix. Confirm current allocations on the fund fact sheets at the Retirement Plans Service Center site; P&G can change them.
What the PST Lets You Hold Before 45
A vested employee under 45 can move PST money among five options only: the Money Market Fund, both bond index funds, the Real Return Fund, and P&G common stock. The four equity index funds and the three pre-mixed portfolios are closed.
That has a specific consequence. Before 45, you can lower the risk of your PST by shifting part of it from P&G stock into bonds or cash, but you cannot diversify its equity exposure. Any equity you hold in the PST is P&G equity. If you want diversified stock exposure during those years, it has to come from the Savings Plan or from accounts outside the plans.
The Age 45 Rule and the 40% Floor
At 45, current plan rules open the full menu of 12 options to PST participants. The condition is the holding requirement: at least 40% of your PST account must remain in P&G stock, in any combination of common and preferred.
The plan enforces the floor at two points. When you sell P&G shares to buy another fund, the trade is limited to what keeps the account at or above 40%. And when you request a partial distribution in the form of P&G stock, a request that would drop the account below the floor is rejected and has to be resubmitted. The floor is measured against the whole PST account, so market moves can push you above or below it without any action on your part; the plan checks it when you transact, not continuously.
Former employees who leave their balance in the plan through Retirement Plus, available with a combined vested balance of $1,000 or more ($5,000 at 65 or older), have the full menu at any age and are subject to the same 40% floor.
Coordinating the Two Plans
The PST is 40 to 100 percent P&G stock by design. The Savings Plan has no holding requirement and never did. So the two plans should not be allocated in isolation, and in particular the Savings Plan should not be allocated as if the PST did not exist.
For a mid-career employee, the PST is often the largest single account they own and it is entirely P&G. A Savings Plan invested in the Large Cap Equity Index Fund adds a little more P&G through the S&P 500 weighting. A Savings Plan in the Global or International Equity Index Fund adds none. Neither is wrong, but the second is a choice about total exposure and the first is often an accident. After 45, the same logic applies to the 60% of the PST that can move: the Global Equity Index Fund and the bond funds are the tools for bringing the household's P&G weight down to a size you choose, and the size itself is a decision we cover in managing a concentrated P&G stock position.
The In-Plan Menu After You Leave
At separation, the menu question becomes a location question. Retirement Plus keeps your money in the same 12 funds at the same low cost, with the 40% floor still in force. An IRA rollover removes the floor and opens the universe, usually at higher cost, and it ends the possibility of Net Unrealized Appreciation treatment on any P&G shares that pass through it. An NUA election moves the stock out in kind and leaves the rest to roll. Which of those fits, and in what order, is the subject of Optimizing Retirement Distribution Strategies. The point for this article is narrower: the plan's fund lineup is good enough and cheap enough that leaving money in it is a real option, and the floor is the reason many people don't.
Frequently Asked Questions
Can I diversify my PST before age 45?
Partly. A vested employee under 45 can move PST money among the Money Market, US Short-Term Bond Index, US Intermediate Term Bond Index, and Real Return funds, and P&G stock. The equity index funds and pre-mixed portfolios open at 45.
What is the 40% rule and when does it apply?
At least 40% of your PST account must remain in P&G stock, common and preferred combined. The plan applies it when you sell P&G shares to buy another fund and when you request a partial distribution in stock. It applies to participants 45 and older and to former employees in Retirement Plus at any age.
What are the pre-mixed portfolios?
Three portfolios built from the plan's own index funds and rebalanced monthly: A (Income) at 20% equity, B (Growth & Income) at 40%, and C (Growth) at 75%. None holds P&G stock. They are available in the Savings Plan at any age and in the PST at 45.
Are the Savings Plan options the same as the PST options?
Yes, the same 12 options. The difference is access: the Savings Plan offers all of them at any age with no P&G stock requirement, while the PST limits participants under 45 to the five core options and applies the 40% floor after that.
Does the 40% rule apply after I leave P&G?
Yes, if you keep your PST in the plan under Retirement Plus. Rolling the PST to an IRA removes the requirement, though the rollover has consequences for NUA that should be settled first.
Sources & Verification
Fund names, benchmarks, and pre-mixed allocations reflect P&G's 2020 Retirement Plans Highlights presentation and the PST Plan Summary Plan Description effective July 1, 2021, as understood by Vaultis Private Wealth. Fund managers are as reported in the Savings Plan's Form 11-K for the year ended June 30, 2024, filed with the SEC. Allocations, expense ratios, and the diversification age can be changed by P&G; current fund fact sheets are at the Retirement Plans Service Center (digital.alight.com/pgretirementplans, 844-786-6588).
Disclaimer: The information in this article is for educational purposes only and is not intended as personalized financial, investment, tax, or legal advice. The plans and investment options discussed are subject to change at P&G's discretion, and individual circumstances vary. The description of P&G's Profit Sharing Trust and Savings Plan reflects plan details as understood by Vaultis Private Wealth as of August 2026 and may change. Refer to official P&G plan documents and current fund fact sheets for the most accurate, up-to-date information. Investments involve risk, including the potential loss of principal, and diversification does not guarantee a profit or protect against loss. Vaultis Private Wealth is not affiliated with Procter & Gamble, which does not endorse this content. Consult a qualified financial advisor before making decisions related to your P&G benefits.