Financial Accounts of the United States - Z.1
S129.3.t State and local government employee pension funds 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 | 2026:Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Gross saving | FA226330005 | 1.7 | 2.1 | 2.2 | 2.2 | 2.2 | 2.2 | 2.3 | 2.3 | 2.4 |
| Line 2 | Fixed nonresidential investment | FA225013005 | 6.7 | 6.8 | 6.8 | 6.8 | 6.7 | 6.8 | 6.8 | 6.8 | 6.9 |
| Line 3 | Net acquisition of financial assets(1) | FA224090005 | 227.0 | 222.2 | 250.2 | 221.9 | 286.0 | 232.2 | 260.8 | 235.8 | 229.3 |
| Line 4 | Checkable deposits and currency | FA223020043 | -1.8 | 25.3 | -10.7 | -39.7 | -39.7 | 27.4 | 9.1 | -3.9 | 0.5 |
| Line 5 | Time and savings deposits | FA223030043 | -4.1 | -2.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 6 | Debt securities | FA224022045 | 42.7 | 145.8 | 69.5 | 35.9 | -166.5 | 320.7 | 87.8 | 243.0 | -35.2 |
| Line 7 | Open market paper | FA223069143 | 0.8 | 0.6 | 1.1 | -3.1 | 2.1 | 2.6 | 2.8 | -29.2 | 1.6 |
| Line 8 | Treasury securities | FA223061143 | 78.2 | 70.2 | 58.6 | 17.2 | -7.5 | 95.4 | 129.4 | 83.3 | -21.8 |
| Line 9 | Agency- and GSE-backed securities | FA223061743 | -5.7 | 18.3 | 19.6 | 2.4 | 86.0 | 50.0 | -60.1 | 62.9 | -10.1 |
| Line 10 | Municipal securities | FA223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 11 | Corporate and foreign bonds | FA223063045 | -30.7 | 56.8 | -9.9 | 19.3 | -247.1 | 172.7 | 15.6 | 126.0 | -4.9 |
| Line 12 | Loans | FA224035045 | 10.3 | 50.8 | 66.3 | -3.4 | 4.6 | 127.0 | 136.9 | 190.3 | -33.3 |
| Line 13 | Security repurchase agreements | FA222051043 | 11.9 | 50.4 | 66.5 | -3.1 | 3.9 | 127.4 | 137.9 | 189.4 | -33.3 |
| Line 14 | Mortgages | FA223065043 | -1.6 | 0.3 | -0.3 | -0.3 | 0.7 | -0.4 | -1.1 | 0.8 | -0.0 |
| Line 15 | Corporate equities | FA223064145 | -143.1 | -214.5 | -213.6 | 160.3 | -348.3 | -236.0 | -430.2 | -233.8 | 90.5 |
| Line 16 | Money market fund shares | FA223034005 | -4.0 | 6.8 | 6.4 | -5.9 | 25.3 | 8.5 | -2.2 | 9.3 | -2.4 |
| Line 17 | Mutual fund shares | FA223064205 | 9.5 | -55.5 | 28.9 | -17.4 | 106.5 | -29.5 | 56.0 | -47.2 | -21.7 |
| Line 18 | Hedge fund shares | FA223064743 | -32.0 | -24.0 | -1.1 | 8.6 | -4.8 | -17.6 | 9.3 | 53.5 | 20.6 |
| Line 19 | Private debt fund shares | FA223064540 | 22.2 | 24.8 | 2.3 | 12.7 | 6.5 | -4.5 | -5.4 | -12.9 | -3.5 |
| Line 20 | Miscellaneous assets | FA223090005 | 327.3 | 265.2 | 302.3 | 70.8 | 702.5 | 36.2 | 399.6 | 37.5 | 213.8 |
| Line 21 | Unallocated insurance contracts(2) | FA223095505 | 3.3 | 11.4 | 11.5 | 12.8 | 8.2 | 14.4 | 10.7 | 11.0 | 13.8 |
| Line 22 | Claims of pension fund on sponsor(3) | FA223073045 | 272.6 | 272.7 | 272.6 | 272.7 | 272.6 | 272.6 | 272.6 | 272.6 | 272.5 |
| Line 23 | Other | FA223093005 | 51.4 | -18.9 | 18.1 | -214.7 | 421.7 | -250.8 | 116.4 | -246.0 | -72.5 |
| Line 24 | Net increase in pension entitlements (liabilities) | FA224190005 | 232.0 | 226.9 | 254.8 | 226.5 | 290.5 | 236.7 | 265.3 | 240.3 | 233.8 |
| Memo: Net acquisition of financial assets | |||||||||||
| Line 25 | Defined benefit plans(4) | FA224090045 | 228.9 | 232.2 | 233.5 | 233.4 | 233.5 | 233.5 | 233.5 | 233.5 | 233.5 |
| Line 26 | Defined contribution plans(5) | FA224090055 | -1.9 | -10.0 | 16.7 | -11.6 | 52.5 | -1.3 | 27.3 | 2.3 | -4.2 |
Notes:
- Includes claims on sponsor (i.e., unfunded pension entitlements).
- Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts.
- Unfunded defined benefit pension entitlements.
- Additional detail on defined benefit plans is available on table S129s1.3.t.
- Additional detail on defined contribution plans is available on table S129s2.3.t.
Last Update: September 11, 2026