Financial Accounts of the United States - Z.1
L.120 State and local government employee pension funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total financial assets1 | FL224090005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 2 | Checkable deposits and currency | FL223020043 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 3 | Time and savings deposits | FL223030043 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 4 | Money market fund shares | FL223034005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 5 | Security repurchase agreements | FL222051043 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 6 | Debt securities | LM224022045 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 7 | Open market paper | FL223069143 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 8 | Treasury securities | LM223061143 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 9 | Agency- and GSE-backed securities | LM223061743 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 10 | Municipal securities | LM223062043 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 11 | Corporate and foreign bonds | LM223063045 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 12 | Loans (mortgages) | FL223065043 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 13 | Corporate equities | LM223064145 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 14 | Mutual fund shares | LM223064205 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 15 | Miscellaneous assets | FL223090005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 16 | Unallocated insurance contracts2 | FL223095505 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 17 | Claims of pension fund on sponsor3 | FL223073045 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 18 | Other | FL223093005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 19 | Pension entitlements (liabilities)4 | FL224190005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Memo: | |||||||||||
| Line 20 | Pension entitlements of defined benefit plans | FL224190043 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 21 | Funded by assets5 | FL222000075 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 22 | Unfunded (line 17) | FL223073045 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total financial assets | |||||||||||
| Line 23 | Defined benefit plans6 | FL224090045 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 24 | Defined contribution plans7 | FL224090055 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
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 L.120.b.
- Additional detail on defined contribution plans is available on table L.120.c.
Last Update: March 9, 2026