Financial Accounts of the United States - Z.1

S129s1.3.s State and local government employee defined benefit pension funds 🕮 PDF
Line Description Series 2023 2024 2025 2025:Q1 2025:Q2 2025:Q3 2025:Q4 2026:Q1 2026:Q2
Line 1 Total financial assets(1) FL224090045 8790.5 9107.6 9346.0 9167.4 9229.7 9287.4 9346.0 9428.3 9485.9
Line 2 Checkable deposits and currency FL223020043 24.7 50.0 39.3 40.1 30.1 37.0 39.3 38.3 38.4
Line 3 Time and savings deposits FL223030043 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 4 Debt securities LM224022045 1134.7 1269.6 1381.7 1301.2 1266.5 1361.2 1381.7 1429.4 1419.3
Line 5 Open market paper FL223069143 12.1 12.6 13.7 11.8 12.4 13.0 13.7 6.4 6.8
Line 6 Treasury securities LM223061143 411.1 475.7 551.7 491.7 490.8 519.2 551.7 569.3 561.6
Line 7 Agency- and GSE-backed securities LM223061743 162.2 181.4 205.7 184.4 206.7 220.3 205.7 220.3 216.3
Line 8 Municipal securities LM223062043 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 9 Corporate and foreign bonds LM223063045 549.4 599.9 610.6 613.2 556.7 608.7 610.6 633.4 634.6
Line 10 Loans FL224035045 65.2 115.9 182.2 115.1 116.2 148.0 182.2 229.8 221.5
Line 11 Security repurchase agreements FL222051043 60.3 110.7 177.2 109.9 110.9 142.8 177.2 224.6 216.3
Line 12 Mortgages FL223065043 4.9 5.2 5.0 5.2 5.3 5.2 5.0 5.2 5.2
Line 13 Corporate equities LM223064145 3223.0 3434.5 3855.2 3384.5 3641.1 3797.1 3855.2 3657.2 4065.8
Line 14 Money market fund shares FL223034043 15.8 22.7 27.7 20.9 27.1 28.3 27.7 30.0 29.4
Line 15 Mutual fund shares LM223064243 69.9 40.9 72.2 42.2 61.1 61.7 72.2 61.0 66.4
Line 16 Hedge fund shares LM223064743 411.7 443.4 513.7 449.8 473.3 492.7 513.7 529.0 591.3
Line 17 Private debt fund shares LM223064540 166.2 191.0 195.2 192.7 195.5 194.2 195.2 186.9 186.0
Line 18 Miscellaneous assets FL223090045 3676.9 3539.5 3078.6 3621.0 3418.7 3167.3 3078.6 3266.7 2867.7
Line 19 Claims of pension fund on sponsor(2) FL223073045 3125.6 3005.9 2526.6 3138.8 2831.2 2641.5 2526.6 2773.6 2353.7
Line 20 Other FL223093045 551.3 533.6 552.0 482.2 587.5 525.8 552.0 493.1 514.1
Line 21 Pension entitlements (liabilities)(3) FL224190043 8942.7 9253.6 9491.6 9313.1 9372.6 9432.1 9491.6 9551.1 9610.6

Notes:

  1. Includes claims on sponsor (i.e., unfunded pension entitlements).
  2. Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
  3. Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.
Last Update: September 11, 2026