Financial Accounts of the United States - Z.1
L.118.b Private defined benefit 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 | FL574090045 | 3238.0 | 3187.0 | 3111.8 | 3199.9 | 3187.0 | 3168.2 | 3149.5 | 3130.6 | 3111.8 |
| Line 2 | Checkable deposits and currency | FL573020043 | 10.2 | 8.6 | 7.0 | 9.0 | 8.6 | 8.2 | 7.8 | 7.4 | 7.0 |
| Line 3 | Time and savings deposits | FL573030043 | 9.3 | 8.5 | 7.8 | 8.7 | 8.5 | 8.4 | 8.2 | 8.0 | 7.8 |
| Line 4 | Money market fund shares | FL573034043 | 37.9 | 35.0 | 31.9 | 35.7 | 35.0 | 34.2 | 33.5 | 32.7 | 31.9 |
| Line 5 | Security repurchase agreements | FL572051043 | 14.3 | 13.2 | 12.1 | 13.5 | 13.2 | 12.9 | 12.6 | 12.4 | 12.1 |
| Line 6 | Debt securities | LM574022045 | 1040.9 | 1050.1 | 1105.1 | 1083.9 | 1050.1 | 1072.3 | 1083.6 | 1101.7 | 1105.1 |
| Line 7 | Open market paper | FL573069143 | 22.7 | 21.0 | 19.2 | 21.4 | 21.0 | 20.5 | 20.1 | 19.6 | 19.2 |
| Line 8 | Treasury securities | LM573061143 | 268.8 | 286.3 | 318.5 | 292.2 | 286.3 | 298.6 | 304.7 | 312.9 | 318.5 |
| Line 9 | Agency- and GSE-backed securities | LM573061743 | 132.3 | 141.7 | 153.9 | 142.2 | 141.7 | 145.6 | 148.4 | 151.4 | 153.9 |
| Line 10 | Corporate and foreign bonds | LM573063043 | 617.0 | 601.2 | 613.5 | 628.1 | 601.2 | 607.5 | 610.4 | 617.9 | 613.5 |
| Line 11 | Loans (mortgages) | FL573065043 | 19.8 | 24.3 | 29.0 | 23.1 | 24.3 | 25.4 | 26.6 | 27.8 | 29.0 |
| Line 12 | Corporate equities | LM573064143 | 1118.1 | 1200.0 | 1210.1 | 1211.9 | 1200.0 | 1098.4 | 1174.7 | 1227.0 | 1210.1 |
| Line 13 | Mutual fund shares | LM573064243 | 306.6 | 297.1 | 287.0 | 312.8 | 297.1 | 280.9 | 291.3 | 295.1 | 287.0 |
| Line 14 | Miscellaneous assets | FL573090045 | 680.9 | 550.1 | 421.9 | 501.1 | 550.1 | 627.5 | 511.2 | 418.5 | 421.9 |
| Line 15 | Unallocated insurance contracts2 | FL573095405 | 54.5 | 54.1 | 53.4 | 55.4 | 54.1 | 52.6 | 53.5 | 54.1 | 53.4 |
| Line 16 | Contributions receivable | FL573074043 | 27.6 | 27.6 | 27.7 | 27.6 | 27.6 | 27.7 | 27.7 | 27.7 | 27.7 |
| Line 17 | Claims of pension fund on sponsor3 | FL573073005 | 293.9 | 192.0 | 94.0 | 134.4 | 192.0 | 278.1 | 168.3 | 82.3 | 94.0 |
| Line 18 | Other | FL573093043 | 304.9 | 276.4 | 246.8 | 283.7 | 276.4 | 269.2 | 261.7 | 254.4 | 246.8 |
| Line 19 | Pension entitlements (liabilities)4 | FL574190043 | 3278.1 | 3228.0 | 3154.5 | 3240.5 | 3228.0 | 3209.6 | 3191.3 | 3172.9 | 3154.5 |
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; series begins 1985:Q4.
- Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
- Actuarial value of accrued defined benefit pension entitlements.
Last Update: 2026-03-19