Financial Accounts of the United States - Z.1
L.120 State and Local Government Employee Retirement Funds
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 9751.5 | 8853.7 | 9217.8 | 9472.2 | 9286.9 | 9349.6 | 9417.7 | 9472.2 | 9524.3 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 28.4 | 26.3 | 23.8 | 47.2 | 34.4 | 40.0 | 45.7 | 47.2 | 53.0 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 2.4 | 6.4 | 2.3 | 0.0 | 1.8 | 2.0 | 0.0 | 0.0 | 0.0 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 26.5 | 22.2 | 17.4 | 23.6 | 26.0 | 24.3 | 22.4 | 23.6 | 25.2 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 27.7 | 48.1 | 58.0 | 94.8 | 62.3 | 72.8 | 78.9 | 94.8 | 111.3 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1194.3 | 1028.2 | 1095.8 | 1273.7 | 1126.6 | 1191.5 | 1286.9 | 1273.7 | 1333.9 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 20.5 | 11.2 | 11.6 | 12.2 | 13.8 | 13.5 | 10.6 | 12.2 | 12.3 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 413.6 | 322.5 | 395.4 | 489.6 | 412.6 | 446.0 | 493.3 | 489.6 | 502.0 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 198.5 | 163.3 | 160.4 | 180.9 | 165.6 | 170.5 | 179.1 | 180.9 | 191.5 | 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 | 561.7 | 531.2 | 528.5 | 591.1 | 534.5 | 561.5 | 604.0 | 591.1 | 628.0 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 6.8 | 6.5 | 4.7 | 5.3 | 4.2 | 4.3 | 4.5 | 5.3 | 5.5 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 3369.8 | 2963.5 | 3186.9 | 3386.5 | 3357.7 | 3346.1 | 3437.1 | 3386.5 | 3241.7 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 298.2 | 195.6 | 241.2 | 224.4 | 227.2 | 227.5 | 226.6 | 224.4 | 209.0 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4797.5 | 4556.9 | 4587.6 | 4416.7 | 4446.7 | 4441.1 | 4315.6 | 4416.7 | 4544.7 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 274.1 | 279.0 | 288.8 | 305.4 | 293.8 | 297.5 | 302.6 | 305.4 | 306.9 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3571.3 | 3299.3 | 3193.6 | 2949.7 | 3024.7 | 3015.4 | 2836.2 | 2949.7 | 3087.3 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 952.0 | 978.6 | 1105.2 | 1161.6 | 1128.2 | 1128.1 | 1176.8 | 1161.6 | 1150.5 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9926.4 | 9072.2 | 9364.3 | 9620.4 | 9435.4 | 9495.6 | 9564.5 | 9620.4 | 9672.9 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 9444.2 | 8648.0 | 8907.5 | 9128.8 | 8962.8 | 9018.1 | 9073.5 | 9128.8 | 9184.1 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5872.9 | 5348.7 | 5713.8 | 6179.1 | 5938.1 | 6002.7 | 6237.3 | 6179.1 | 6096.8 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3571.3 | 3299.3 | 3193.6 | 2949.7 | 3024.7 | 3015.4 | 2836.2 | 2949.7 | 3087.3 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 9269.3 | 8429.5 | 8761.0 | 8980.6 | 8814.3 | 8872.2 | 8926.7 | 8980.6 | 9035.6 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 482.2 | 424.2 | 456.8 | 491.6 | 472.6 | 477.5 | 491.1 | 491.6 | 488.7 | 24 |
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. Negative values indicate overfunding.
- Actuarial value of projected pension entitlements. 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 table L.120.b.
- Additional detail on defined contribution plans is available on table L.120.c.
Last Update: June 12, 2025