L.120 State and Local Government Employee Retirement Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Description Series code 2019 2020 2021 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 Line
State and local government employee retirement funds; total financial assets (1) FL224090005 9181.2 9516.9 9821.7 9582.8 9665.5 9734.1 9821.7 9856.6 9888.9 1
State and local government employee defined benefit retirement funds; checkable deposits and currency; asset FL223020043 22.1 28.0 27.3 24.9 25.9 33.3 27.3 27.7 28.5 2
State and local government employee defined benefit retirement funds; total time and savings deposits; asset FL223030043 4.2 2.2 2.6 2.2 2.3 2.0 2.6 0.2 0.0 3
State and local government employee retirement funds; money market fund shares; asset FL223034005 23.4 23.7 19.0 25.7 23.8 31.5 19.0 25.3 25.3 4
State and local government employee defined benefit retirement funds; security repurchase agreements; asset FL222051043 6.7 7.8 30.5 18.4 24.2 15.7 30.5 20.2 20.7 5
State and local government employee defined benefit retirement funds retirement funds; debt securities; asset LM224022045 954.9 1074.6 1209.1 1083.2 1171.2 1173.4 1209.1 1144.9 1122.8 6
State and local government employee defined benefit retirement funds; commercial paper; asset FL223069143 12.4 8.6 14.6 15.3 18.1 18.7 14.6 23.3 25.6 7
State and local government employee defined benefit retirement funds; Treasury securities; asset LM223061143 329.3 346.8 430.9 344.8 395.9 406.3 430.9 380.0 381.1 8
State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset LM223061743 166.9 189.8 191.3 190.9 190.8 201.1 191.3 192.3 190.8 9
State and local government employee defined benefit retirement funds; municipal securities; asset LM223062043 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10
State and local government employee defined benefit retirement funds; corporate and foreign bonds; asset LM223063045 446.4 529.3 572.2 532.2 566.3 547.3 572.2 549.4 525.4 11
State and local government employee defined benefit retirement funds; total mortgages; asset FL223065043 7.9 6.9 8.1 7.4 7.3 7.2 8.1 6.7 6.5 12
State and local government employee defined benefit retirement funds; corporate equities; asset LM223064145 2523.5 2843.5 3392.2 2959.9 3129.3 3106.2 3392.2 3276.3 2784.9 13
State and local government employee retirement funds; mutual fund shares; asset LM223064205 370.6 423.9 314.4 416.8 430.0 437.7 314.4 309.7 230.7 14
State and local government employee retirement funds; miscellaneous assets FL223090005 5267.9 5106.1 4818.7 5044.2 4851.6 4927.1 4818.7 5045.6 5669.6 15
State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) FL223095505 246.0 258.2 272.0 259.9 265.8 266.9 272.0 273.5 270.0 16
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) FL223073045 4205.5 4020.3 3547.9 3932.1 3705.0 3745.4 3547.9 3840.0 4479.0 17
State and local government employee retirement funds; miscellaneous assets FL223093005 816.5 827.7 998.8 852.2 880.8 914.8 998.8 932.2 920.6 18
State and local government employee retirement funds; pension entitlements (total liabilities) (4) FL224190005 9322.8 9652.1 9993.7 9735.7 9828.4 9902.1 9993.7 10049.9 10084.3 19
State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) FL224190043 8866.4 9158.1 9450.7 9231.3 9304.4 9377.6 9450.7 9523.9 9597.0 20
State and local government employee defined benefit retirement funds; total funded assets (5) FL222000075 4660.9 5137.8 5902.8 5299.2 5599.5 5632.2 5902.8 5683.9 5118.0 21
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FL223073045 4205.5 4020.3 3547.9 3932.1 3705.0 3745.4 3547.9 3840.0 4479.0 22
State and local government employee defined benefit retirement funds; total financial assets (6) FL224090045 8724.8 9022.9 9278.7 9078.3 9141.5 9209.6 9278.7 9330.6 9401.7 23
State and local government employee defined contribution retirement funds; total financial assets (7) FL224090055 456.4 493.9 543.0 504.5 524.0 524.5 543.0 526.1 487.3 24

NOTES

  1. Includes claims on sponsor (i.e., unfunded pension entitlements).
  2. Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts.
  3. Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
  4. Actuarial value of projected pension entitlements. These liabilities are assets of the household sector.
  5. Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
  6. Additional detail on defined benefit plans is available on table L.120.b.
  7. Additional detail on defined contribution plans is available on table L.120.c.
Last Update: September 9, 2022