Financial Accounts of the United States - Z.1
S129.3.s State and local government employee pension funds 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total financial assets(1) | FL224090005 | 9246.5 | 9597.5 | 9937.6 | 9597.5 | 9654.3 | 9746.5 | 9818.2 | 9937.6 | 10005.1 |
| Line 2 | Checkable deposits and currency | FL223020043 | 24.2 | 49.4 | 46.0 | 49.4 | 39.5 | 29.7 | 36.6 | 46.0 | 45.1 |
| 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 | 1111.6 | 1253.5 | 1377.4 | 1253.5 | 1284.2 | 1315.8 | 1300.4 | 1377.4 | 1459.1 |
| Line 5 | Open market paper | FL223069143 | 11.8 | 12.5 | 16.1 | 12.5 | 11.7 | 12.2 | 12.9 | 16.1 | 17.1 |
| Line 6 | Treasury securities | LM223061143 | 402.7 | 469.6 | 519.1 | 469.6 | 485.3 | 483.9 | 513.2 | 519.1 | 573.9 |
| Line 7 | Agency- and GSE-backed securities | LM223061743 | 158.9 | 179.1 | 204.4 | 179.1 | 182.0 | 203.8 | 217.7 | 204.4 | 196.0 |
| 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 | 538.2 | 592.3 | 637.7 | 592.3 | 605.2 | 615.9 | 556.6 | 637.7 | 672.1 |
| Line 10 | Loans | FL224035045 | 63.9 | 114.5 | 167.9 | 114.5 | 113.6 | 114.6 | 146.3 | 167.9 | 191.3 |
| Line 11 | Security repurchase agreements | FL222051043 | 59.0 | 109.3 | 162.1 | 109.3 | 108.5 | 109.4 | 141.1 | 162.1 | 185.3 |
| Line 12 | Mortgages | FL223065043 | 4.8 | 5.2 | 5.9 | 5.2 | 5.1 | 5.3 | 5.2 | 5.9 | 6.0 |
| Line 13 | Corporate equities | LM223064145 | 3157.2 | 3390.7 | 3871.2 | 3390.7 | 3285.3 | 3590.2 | 3752.8 | 3871.2 | 3625.1 |
| Line 14 | Money market fund shares | FL223034005 | 17.7 | 24.6 | 30.5 | 24.6 | 22.9 | 29.0 | 31.2 | 30.5 | 31.8 |
| Line 15 | Mutual fund shares | LM223064205 | 233.5 | 224.6 | 279.3 | 224.6 | 220.3 | 264.1 | 272.5 | 279.3 | 275.1 |
| Line 16 | Miscellaneous assets | FL223090005 | 4636.2 | 4540.3 | 4165.3 | 4540.3 | 4688.5 | 4403.2 | 4278.6 | 4165.3 | 4377.6 |
| Line 17 | Unallocated insurance contracts(2) | FL223095505 | 284.9 | 300.9 | 316.8 | 300.9 | 303.3 | 308.0 | 313.5 | 316.8 | 318.4 |
| Line 18 | Claims of pension fund on sponsor(3) | FL223073045 | 3244.4 | 3085.5 | 2531.1 | 3085.5 | 3223.8 | 2833.6 | 2631.4 | 2531.1 | 2695.5 |
| Line 19 | Other | FL223093005 | 1106.9 | 1154.0 | 1317.4 | 1154.0 | 1161.4 | 1261.6 | 1333.6 | 1317.4 | 1363.7 |
| Line 20 | Pension entitlements (liabilities)(4) | FL224190005 | 9395.6 | 9741.7 | 10033.1 | 9741.7 | 9798.2 | 9887.5 | 9961.2 | 10033.1 | 10088.4 |
| Memo: | |||||||||||
| Line 21 | Pension entitlements of defined benefit plans | FL224190043 | 8942.7 | 9253.6 | 9491.6 | 9253.6 | 9313.1 | 9372.6 | 9432.1 | 9491.6 | 9551.1 |
| Line 22 | Funded by assets(5) | FL222000075 | 5698.3 | 6168.1 | 6960.5 | 6168.1 | 6089.3 | 6539.0 | 6800.7 | 6960.5 | 6855.6 |
| Line 23 | Unfunded (line 18) | FL223073045 | 3244.4 | 3085.5 | 2531.1 | 3085.5 | 3223.8 | 2833.6 | 2631.4 | 2531.1 | 2695.5 |
| Total financial assets | |||||||||||
| Line 24 | Defined benefit plans(6) | FL224090045 | 8793.5 | 9109.4 | 9396.1 | 9109.4 | 9169.2 | 9231.6 | 9289.1 | 9396.1 | 9467.8 |
| Line 25 | Defined contribution plans(7) | FL224090055 | 453.0 | 488.2 | 541.5 | 488.2 | 485.1 | 514.9 | 529.1 | 541.5 | 537.3 |
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. Negative values indicate overfunding.
- Actuarial value of projected pension entitlements. These liabilities are assets of the household sector.
- Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
- Additional detail on defined benefit plans is available on table S129s1.3.s.
- Additional detail on defined contribution plans is available on table S129s2.3.s.
Last Update: June 11, 2026