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 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Gross saving | FA226330005 | 1.7 | 2.1 | 2.2 | 2.1 | 2.2 | 2.2 | 2.2 | 2.3 | 2.3 |
| Line 2 | Fixed nonresidential investment | FA225013005 | 6.7 | 6.8 | 6.8 | 6.7 | 6.8 | 6.7 | 6.8 | 6.8 | 6.8 |
| Line 3 | Net acquisition of financial assets(1) | FA224090005 | 230.7 | 244.2 | 258.3 | 247.0 | 236.9 | 286.1 | 240.1 | 270.2 | 240.4 |
| Line 4 | Checkable deposits and currency | FA223020043 | -2.1 | 25.1 | -3.4 | 17.3 | -39.3 | -39.3 | 27.4 | 37.6 | -3.4 |
| 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 | 28.1 | 152.5 | 103.9 | 50.5 | 33.9 | 98.9 | 148.9 | 134.0 | 141.9 |
| Line 7 | Open market paper | FA223069143 | 0.6 | 0.7 | 3.7 | 8.1 | -3.1 | 2.0 | 2.7 | 13.1 | 3.7 |
| Line 8 | Treasury securities | FA223061143 | 72.5 | 72.4 | 32.3 | -23.1 | 16.4 | -9.2 | 98.9 | 23.2 | 72.3 |
| Line 9 | Agency- and GSE-backed securities | FA223061743 | -7.7 | 19.2 | 20.7 | 13.3 | 2.2 | 84.1 | 51.3 | -54.8 | 10.7 |
| 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 | -37.3 | 60.2 | 47.2 | 52.2 | 18.4 | 22.0 | -4.0 | 152.6 | 55.2 |
| Line 12 | Loans | FA224035045 | 9.4 | 50.6 | 53.5 | 128.8 | -3.5 | 4.1 | 126.6 | 86.7 | 93.5 |
| Line 13 | Security repurchase agreements | FA222051043 | 11.1 | 50.3 | 52.8 | 125.9 | -3.2 | 3.5 | 126.9 | 84.0 | 92.8 |
| Line 14 | Mortgages | FA223065043 | -1.7 | 0.4 | 0.7 | 2.8 | -0.3 | 0.7 | -0.3 | 2.7 | 0.7 |
| Line 15 | Corporate equities | FA223064145 | -92.1 | -193.6 | -167.2 | -177.8 | -65.9 | -226.6 | -174.7 | -201.7 | -102.2 |
| Line 16 | Money market fund shares | FA223034005 | -4.4 | 6.9 | 5.9 | 6.8 | -7.0 | 24.4 | 8.9 | -2.6 | 5.0 |
| Line 17 | Mutual fund shares | FA223064205 | 15.0 | -34.7 | 24.1 | 2.9 | -1.1 | 105.5 | -21.5 | 13.3 | 8.5 |
| Line 18 | Miscellaneous assets | FA223090005 | 280.9 | 239.5 | 241.6 | 218.5 | 319.8 | 319.2 | 124.5 | 202.8 | 97.1 |
| Line 19 | Unallocated insurance contracts(2) | FA223095505 | 1.9 | 12.1 | 11.6 | 12.4 | 12.3 | 8.5 | 14.5 | 11.1 | 10.1 |
| Line 20 | Claims of pension fund on sponsor(3) | FA223073045 | 255.7 | 261.6 | 258.5 | 269.4 | 257.5 | 258.9 | 258.9 | 258.9 | 259.0 |
| Line 21 | Other | FA223093005 | 23.3 | -34.2 | -28.6 | -63.4 | 50.0 | 51.8 | -148.9 | -67.1 | -172.0 |
| Line 22 | Net increase in pension entitlements (liabilities) | FA224190005 | 235.6 | 248.9 | 262.9 | 251.6 | 241.6 | 290.6 | 244.6 | 274.6 | 244.9 |
| Memo: Net acquisition of financial assets | |||||||||||
| Line 23 | Defined benefit plans(4) | FA224090045 | 228.9 | 232.2 | 233.5 | 233.4 | 233.4 | 233.5 | 233.5 | 233.5 | 233.5 |
| Line 24 | Defined contribution plans(5) | FA224090055 | 1.8 | 12.0 | 24.8 | 13.5 | 3.5 | 52.6 | 6.6 | 36.6 | 6.9 |
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: June 11, 2026