Second quarter levels are benchmarked annually to U.S. Census Bureau, Table 1 National Summary of State and Local Government Employee-Retirement Systems Finances: Fiscal Year. Series is calculated as a proportion of Cash and short-term investments based on detailed data from CAFRs of the largest state and local governmental units. Series is converted to quarterly by FOF Section based on growth rates from U.S. Census Bureau, Table 1 Cash and Security Holdings of Major Public Employee - Retirement Systems, Cash and Deposits; and detailed data from CAFRs. Unadjusted flow is the change in the level; data for the most recent ten years show no significant seasonality.
