Financial Accounts of the United States - Z.1
L.118 Private pension funds1
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 assets2 | FL574090005 | 12590.3 | 13738.7 | 14911.7 | 13761.6 | 13738.7 | 13466.7 | 14210.8 | 14775.1 | 14911.7 |
| Line 2 | Checkable deposits and currency | FL573020005 | 17.8 | 14.1 | 10.3 | 15.1 | 14.1 | 13.2 | 12.5 | 11.2 | 10.3 |
| Line 3 | Time and savings deposits | FL573030005 | 14.5 | 13.8 | 13.1 | 14.0 | 13.8 | 13.6 | 13.5 | 13.3 | 13.1 |
| Line 4 | Money market fund shares | FL573034005 | 203.2 | 210.4 | 230.6 | 208.0 | 210.4 | 214.4 | 220.7 | 227.2 | 230.6 |
| Line 5 | Security repurchase agreements | FL572051005 | 14.3 | 13.2 | 12.1 | 13.5 | 13.2 | 12.9 | 12.6 | 12.4 | 12.1 |
| Line 6 | Debt securities | LM574022005 | 1634.1 | 1695.5 | 1860.7 | 1735.6 | 1695.5 | 1747.5 | 1786.2 | 1839.0 | 1860.7 |
| Line 7 | Open market paper | FL573069105 | 34.9 | 33.2 | 31.5 | 33.7 | 33.2 | 32.8 | 32.4 | 32.0 | 31.5 |
| Line 8 | Treasury securities | LM573061105 | 484.8 | 523.3 | 605.5 | 531.5 | 523.3 | 549.7 | 567.9 | 591.1 | 605.5 |
| Line 9 | Agency- and GSE-backed securities | LM573061705 | 247.8 | 262.7 | 283.1 | 264.3 | 262.7 | 269.6 | 273.9 | 279.1 | 283.1 |
| Line 10 | Corporate and foreign bonds | LM573063005 | 866.6 | 876.3 | 940.6 | 906.1 | 876.3 | 895.4 | 911.9 | 936.8 | 940.6 |
| Line 11 | Loans (mortgages) | FL573065005 | 25.4 | 28.5 | 31.5 | 27.7 | 28.5 | 29.3 | 30.2 | 30.7 | 31.5 |
| Line 12 | Corporate equities | LM573064105 | 3689.1 | 4448.5 | 5399.6 | 4355.6 | 4448.5 | 4210.7 | 4677.9 | 5291.9 | 5399.6 |
| Line 13 | Mutual fund shares | LM573064205 | 5088.3 | 5540.0 | 5679.9 | 5660.9 | 5540.0 | 5379.1 | 5718.4 | 5694.2 | 5679.9 |
| Line 14 | Miscellaneous assets | FL573090005 | 1903.6 | 1774.7 | 1673.9 | 1731.3 | 1774.7 | 1845.9 | 1738.9 | 1655.3 | 1673.9 |
| Line 15 | Unallocated insurance contracts3 | FL573095005 | 602.3 | 614.8 | 627.0 | 619.4 | 614.8 | 608.3 | 620.6 | 627.2 | 627.0 |
| Line 16 | Contributions receivable | FL573074005 | 77.3 | 81.0 | 85.6 | 80.1 | 81.0 | 82.0 | 82.9 | 84.7 | 85.6 |
| Line 17 | Claims of pension fund on sponsor4 | FL573073005 | 293.9 | 192.0 | 94.0 | 134.4 | 192.0 | 278.1 | 168.3 | 82.3 | 94.0 |
| Line 18 | Other | FL573093005 | 930.1 | 886.9 | 867.3 | 897.4 | 886.9 | 877.6 | 867.1 | 861.1 | 867.3 |
| Line 19 | Pension entitlements (liabilities)5 | FL574190005 | 12630.4 | 13779.8 | 14954.5 | 13802.3 | 13779.8 | 13508.1 | 14252.6 | 14817.4 | 14954.5 |
| Memo: | |||||||||||
| Line 20 | Pension entitlements of defined benefit plans | FL574190043 | 3278.1 | 3228.0 | 3154.5 | 3240.5 | 3228.0 | 3209.6 | 3191.3 | 3172.9 | 3154.5 |
| Line 21 | Funded by assets6 | FL572000075 | 2984.2 | 3036.0 | 3060.6 | 3106.1 | 3036.0 | 2931.6 | 3023.0 | 3090.6 | 3060.6 |
| Line 22 | Unfunded (line 17) | FL573073005 | 293.9 | 192.0 | 94.0 | 134.4 | 192.0 | 278.1 | 168.3 | 82.3 | 94.0 |
| Total financial assets | |||||||||||
| Line 23 | Defined benefit plans7 | FL574090045 | 3238.0 | 3187.0 | 3111.8 | 3199.9 | 3187.0 | 3168.2 | 3149.5 | 3130.6 | 3111.8 |
| Line 24 | Defined contribution plans8 | FL574090055 | 9352.3 | 10551.8 | 11800.0 | 10561.7 | 10551.8 | 10298.5 | 11061.4 | 11644.5 | 11800.0 |
Notes:
- Sum of private defined benefit plans and defined contribution plans (including 401(k) type plans).
- Includes claims on sponsor (i.e., unfunded pension entitlements).
- Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4.
- Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
- Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. 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 tables L.118.b.
- Additional detail on defined contribution plans is available on table L.118.c.
Last Update: 2026-03-19