Financial Accounts of the United States - Z.1
F.120 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2021 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; consumption of fixed capital, nonresidential structures, equipment, and intellectual property products, current cost basis (gross saving) | FA226330005 | 0.7 | 1.3 | 1.7 | 1.8 | 1.7 | 1.8 | 1.8 | 1.8 | 1.9 | 1 |
| State and local government employee retirement funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA225013005 | 2.6 | 6.5 | 6.5 | 6.8 | 6.7 | 6.8 | 6.8 | 6.8 | 6.9 | 2 |
| State and local government employee retirement funds; total financial assets (1) | FA224090005 | 202.8 | 205.4 | 223.1 | 228.0 | 230.5 | 225.7 | 225.2 | 230.7 | 220.6 | 3 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FA223020043 | -0.3 | -2.0 | -2.5 | 23.3 | 42.4 | 22.1 | 22.9 | 6.0 | 23.3 | 4 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FA223030043 | 0.1 | 4.0 | -4.1 | -2.3 | -1.7 | 0.7 | -8.0 | 0.0 | 0.0 | 5 |
| State and local government employee retirement funds; money market fund shares; asset | FA223034005 | 2.7 | -4.4 | -4.8 | 6.2 | 34.3 | -6.8 | -7.6 | 4.9 | 6.4 | 6 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FA222051043 | 19.7 | 20.4 | 9.9 | 36.8 | 17.3 | 42.0 | 24.6 | 63.2 | 66.2 | 7 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | FA224022045 | 149.4 | 19.1 | 11.2 | 189.0 | 167.0 | 283.0 | 174.2 | 131.8 | 151.0 | 8 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FA223069143 | 11.7 | -9.3 | 0.4 | 0.6 | 9.0 | -1.3 | -11.7 | 6.4 | 0.6 | 9 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | FA223061143 | 78.5 | -31.9 | 64.7 | 100.0 | 90.4 | 138.5 | 109.6 | 61.3 | 3.3 | 10 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | FA223061743 | 9.3 | -15.6 | -6.5 | 19.3 | 24.4 | 18.1 | 13.7 | 21.0 | 32.6 | 11 |
| State and local government employee defined benefit retirement funds; municipal securities; asset | FA223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 12 |
| State and local government employee defined benefit retirement funds; corporate and foreign bonds; asset | FA223063045 | 50.0 | 75.8 | -47.4 | 69.1 | 43.1 | 127.7 | 62.6 | 43.1 | 114.6 | 13 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FA223065043 | -0.3 | -0.3 | -1.8 | 0.6 | -2.2 | 0.7 | 0.8 | 3.1 | 0.6 | 14 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | FA223064145 | -129.9 | -96.7 | -91.6 | -232.2 | -134.3 | -345.3 | -278.7 | -170.3 | -223.2 | 15 |
| State and local government employee retirement funds; mutual fund shares; asset | FA223064205 | -162.5 | -47.4 | 23.2 | -43.5 | -116.5 | -9.7 | -51.7 | 3.7 | -45.4 | 16 |
| State and local government employee retirement funds; miscellaneous assets | FA223090005 | 323.8 | 312.7 | 283.6 | 250.1 | 224.3 | 239.0 | 348.7 | 188.2 | 241.7 | 17 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FA223095505 | 14.5 | 12.8 | 4.9 | 12.8 | 12.3 | 13.4 | 12.1 | 13.3 | 8.7 | 18 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FA223073045 | 248.5 | 250.5 | 260.2 | 261.9 | 260.2 | 260.2 | 260.1 | 267.1 | 256.6 | 19 |
| State and local government employee retirement funds; miscellaneous assets | FA223093005 | 60.8 | 49.5 | 18.5 | -24.6 | -48.2 | -34.5 | 76.4 | -92.3 | -23.7 | 20 |
| State and local government employee retirement funds; pension entitlements (total liabilities) | FA224190005 | 204.7 | 210.7 | 227.9 | 233.0 | 235.4 | 230.7 | 230.2 | 235.6 | 225.6 | 21 |
| State and local government employee defined benefit retirement funds; total financial assets (4) | FA224090045 | 222.9 | 218.1 | 217.1 | 216.3 | 216.4 | 216.3 | 216.4 | 216.3 | 216.3 | 22 |
| State and local government employee defined contribution retirement funds; total financial assets (5) | FA224090055 | -20.1 | -12.7 | 6.0 | 11.7 | 14.1 | 9.4 | 8.8 | 14.3 | 4.3 | 23 |
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.
- Additional detail on defined benefit plans is available on table F.120.b.
- Additional detail on defined contribution plans is available on table F.120.c.
Last Update: June 12, 2025