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 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total financial assets(1) | FL224090045 | 8793.5 | 9109.4 | 9396.1 | 9109.4 | 9169.2 | 9231.6 | 9289.1 | 9396.1 | 9467.8 |
| 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 | FL223034043 | 15.5 | 22.4 | 27.3 | 22.4 | 20.6 | 26.7 | 27.9 | 27.3 | 28.5 |
| Line 15 | Mutual fund shares | LM223064243 | 68.5 | 40.4 | 58.7 | 40.4 | 41.6 | 60.2 | 61.0 | 58.7 | 60.3 |
| Line 16 | Miscellaneous assets | FL223090045 | 4350.5 | 4238.6 | 3847.7 | 4238.6 | 4384.3 | 4094.4 | 3964.2 | 3847.7 | 4058.4 |
| Line 17 | Claims of pension fund on sponsor(2) | FL223073045 | 3244.4 | 3085.5 | 2531.1 | 3085.5 | 3223.8 | 2833.6 | 2631.4 | 2531.1 | 2695.5 |
| Line 18 | Other | LM223093043 | 1106.1 | 1153.1 | 1316.5 | 1153.1 | 1160.5 | 1260.8 | 1332.8 | 1316.5 | 1362.9 |
| Line 19 | Pension entitlements (liabilities)(3) | FL224190043 | 8942.7 | 9253.6 | 9491.6 | 9253.6 | 9313.1 | 9372.6 | 9432.1 | 9491.6 | 9551.1 |
Notes:
- Includes claims on sponsor (i.e., unfunded pension entitlements).
- Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
- Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.
Last Update: June 11, 2026