Financial Accounts of the United States - Z.1
L.117 Private and Public Pension Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted| Description | Series code | 2021 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pension funds; total financial assets (2) | FL594090005 | 27463.9 | 24527.0 | 26370.8 | 27938.1 | 27053.4 | 27287.1 | 27880.7 | 27938.1 | 27717.7 | 1 |
| Pension funds; checkable deposits and currency; asset | FL593020005 | 54.0 | 48.9 | 46.1 | 68.8 | 56.6 | 61.9 | 67.4 | 68.8 | 74.5 | 2 |
| Pension funds; total time and savings deposits; asset | FL593030005 | 19.6 | 20.8 | 15.3 | 11.6 | 14.6 | 14.6 | 12.1 | 11.6 | 11.2 | 3 |
| Pension funds; money market fund shares; asset | FL593034005 | 238.5 | 222.7 | 213.8 | 215.8 | 221.8 | 219.7 | 216.2 | 215.8 | 216.8 | 4 |
| Pension funds; security repurchase agreements; asset | FL592051005 | 46.4 | 62.5 | 70.1 | 104.6 | 74.1 | 84.2 | 89.6 | 104.6 | 120.5 | 5 |
| Pension funds; debt securities; asset | LM594022005 | 3064.2 | 2555.4 | 2686.1 | 2876.6 | 2711.0 | 2776.2 | 2946.4 | 2876.6 | 2969.5 | 6 |
| Pension funds; commercial paper; asset | FL593069105 | 62.2 | 46.1 | 43.0 | 40.0 | 44.7 | 43.8 | 39.6 | 40.0 | 39.1 | 7 |
| Pension funds; Treasury securities; asset | LM593061105 | 943.6 | 768.1 | 860.7 | 965.1 | 876.1 | 912.1 | 984.7 | 965.1 | 993.3 | 8 |
| Pension funds; agency- and GSE-backed securities; asset | LM593061705 | 469.5 | 392.3 | 392.4 | 414.5 | 396.9 | 402.8 | 418.1 | 414.5 | 427.9 | 9 |
| Pension funds; municipal securities; asset | LM593062045 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 10 |
| Pension funds; corporate and foreign bonds; asset | LM593063005 | 1588.8 | 1348.9 | 1390.0 | 1457.0 | 1393.3 | 1417.5 | 1503.9 | 1457.0 | 1509.1 | 11 |
| Pension funds; loans; asset | FL594023005 | 2466.9 | 2705.5 | 2954.4 | 3192.3 | 2944.2 | 2960.5 | 3010.3 | 3192.3 | 3176.8 | 12 |
| Federal government retirement funds; other loans and advances; asset (3) | FL343069005 | 2434.7 | 2680.2 | 2934.4 | 3176.0 | 2925.6 | 2942.7 | 2993.6 | 3176.0 | 3161.5 | 13 |
| Pension funds; total mortgages; asset | FL593065005 | 32.3 | 25.2 | 20.1 | 16.3 | 18.6 | 17.8 | 16.7 | 16.3 | 15.3 | 14 |
| Pension funds; corporate equities; asset | LM593064105 | 7763.6 | 6559.7 | 7670.2 | 8902.8 | 8287.1 | 8432.5 | 8824.0 | 8902.8 | 8462.2 | 15 |
| Pension funds; mutual fund shares; asset | LM593064205 | 5728.2 | 4551.4 | 5254.3 | 5727.8 | 5533.4 | 5575.5 | 5824.4 | 5727.8 | 5588.4 | 16 |
| Pension funds; total miscellaneous assets | FL593090005 | 8082.4 | 7800.1 | 7460.5 | 6837.7 | 7210.6 | 7162.1 | 6890.3 | 6837.7 | 7097.8 | 17 |
| Pension funds; unallocated insurance contracts; asset (4) | FL593095005 | 914.6 | 882.0 | 925.5 | 975.1 | 944.6 | 953.4 | 973.0 | 975.1 | 975.9 | 18 |
| Private pension funds; pension fund contributions receivable; asset | FL573074005 | 70.9 | 73.2 | 73.3 | 74.4 | 73.7 | 74.2 | 74.3 | 74.4 | 74.6 | 19 |
| Pension funds; claims of pension fund on sponsor; asset (5) | FL593073005 | 5163.8 | 5006.8 | 4553.1 | 3899.0 | 4277.3 | 4237.7 | 3919.5 | 3899.0 | 4189.4 | 20 |
| Pension funds; unidentified miscellaneous assets | FL593093005 | 1933.1 | 1838.0 | 1908.6 | 1889.3 | 1915.0 | 1896.8 | 1923.5 | 1889.3 | 1857.9 | 21 |
| Pension funds; total liabilities (6) | FL594190005 | 27677.3 | 24784.8 | 26557.3 | 28127.5 | 27242.1 | 27473.6 | 28068.3 | 28127.5 | 27908.0 | 22 |
| Defined benefit pension funds; pension entitlements (total liabilities) | FL594190045 | 16879.0 | 15658.3 | 16023.8 | 16252.6 | 16081.4 | 16138.4 | 16196.1 | 16252.6 | 16309.2 | 23 |
| Defined benefit pension funds; total funded assets (7) | FL592000075 | 11715.2 | 10651.4 | 11470.7 | 12353.6 | 11804.1 | 11900.7 | 12276.6 | 12353.6 | 12119.8 | 24 |
| Pension funds; defined benefit claims of pension fund on sponsor; asset | FL593073045 | 5163.8 | 5006.8 | 4553.1 | 3899.0 | 4277.3 | 4237.7 | 3919.5 | 3899.0 | 4189.4 | 25 |
| Households and nonprofit organizations; retirement assets (8) | FL153050015 | 45553.0 | 40757.2 | 44900.6 | 48761.6 | 46535.0 | 47172.6 | 48715.8 | 48761.6 | ND | 26 |
| Defined benefit pension funds; pension entitlements (total liabilities) | FL594190045 | 16879.0 | 15658.3 | 16023.8 | 16252.6 | 16081.4 | 16138.4 | 16196.1 | 16252.6 | 16309.2 | 27 |
| Defined contribution pension funds; total financial assets | FL594090055 | 10798.3 | 9126.6 | 10533.5 | 11875.0 | 11160.7 | 11335.2 | 11872.2 | 11875.0 | 11598.8 | 28 |
| All sectors; IRAs; liability (9) | LM893131573 | 14563.0 | 12900.0 | 15000.0 | 17000.0 | 15830.0 | 16185.0 | 17030.0 | 17000.0 | ND | 29 |
| Life insurance companies; pension entitlements, excluding unallocated insurance contracts and IRAs; liability (10) | FL543150015 | 3312.7 | 3072.3 | 3343.3 | 3634.1 | 3463.0 | 3514.0 | 3617.5 | 3634.1 | ND | 30 |
NOTES
- Sum of private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans.
- Includes claims on sponsor (i.e., unfunded pension entitlements).
- Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund.
- 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.
- Households' retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.
- IRA assets are not included above. See memo items on table L.229 for a sectoral distribution of IRA accounts.
- Annuities held in IRAs are excluded. They are included in line 29.
Last Update: June 12, 2025