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 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 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 | 1.3 | 1.7 | 1.8 | 1.7 | 1.8 | 1.8 | 1.8 | 1.9 | 1.9 | 1 |
| State and local government employee retirement funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA225013005 | 6.5 | 6.5 | 6.8 | 6.7 | 6.8 | 6.8 | 6.8 | 6.9 | 6.8 | 2 |
| State and local government employee retirement funds; total financial assets (1) | FA224090005 | 205.7 | 219.1 | 228.5 | 233.8 | 229.1 | 224.8 | 226.6 | 219.8 | 223.1 | 3 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FA223020043 | -2.1 | -2.5 | 25.0 | 42.4 | 21.5 | 21.3 | 14.9 | -36.5 | -2.3 | 4 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FA223030043 | 4.0 | -4.1 | -2.3 | -1.7 | 0.6 | -7.9 | 0.0 | 0.0 | 0.8 | 5 |
| State and local government employee retirement funds; money market fund shares; asset | FA223034005 | -4.4 | -4.8 | 6.2 | 34.3 | -7.1 | -8.5 | 6.3 | -7.9 | 2.0 | 6 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FA222051043 | 20.3 | 9.8 | 50.1 | 17.5 | 40.7 | 20.8 | 121.2 | -3.0 | -19.3 | 7 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | FA224022045 | 15.8 | 10.4 | 156.1 | 171.0 | 292.0 | 141.0 | 20.4 | 36.6 | -52.6 | 8 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FA223069143 | -9.3 | 0.4 | 0.7 | 9.0 | -1.6 | -12.1 | 7.6 | -3.0 | 1.0 | 9 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | FA223061143 | -32.9 | 64.5 | 70.1 | 91.9 | 143.1 | 87.8 | -42.2 | 16.5 | -22.0 | 10 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | FA223061743 | -16.1 | -6.6 | 26.3 | 25.0 | 22.7 | 30.9 | 26.5 | 4.6 | -9.1 | 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 | 74.3 | -47.8 | 59.0 | 45.1 | 127.7 | 34.5 | 28.6 | 18.6 | -22.5 | 13 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FA223065043 | -0.3 | -1.8 | 0.4 | -2.2 | 0.6 | 0.5 | 2.6 | -0.3 | -0.4 | 14 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | FA223064145 | -78.4 | -73.7 | -204.3 | -128.0 | -325.5 | -218.9 | -144.7 | -64.9 | 57.3 | 15 |
| State and local government employee retirement funds; mutual fund shares; asset | FA223064205 | -47.2 | 21.9 | -34.0 | -111.9 | -6.5 | -34.5 | 17.1 | 3.4 | -4.6 | 16 |
| State and local government employee retirement funds; miscellaneous assets | FA223090005 | 298.1 | 263.8 | 231.2 | 212.4 | 212.8 | 311.0 | 188.7 | 292.4 | 242.2 | 17 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FA223095505 | 12.7 | 2.1 | 12.4 | 11.6 | 12.8 | 12.1 | 13.1 | 12.4 | 11.8 | 18 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FA223073045 | 236.7 | 242.4 | 247.0 | 245.5 | 245.5 | 245.5 | 251.5 | 245.8 | 245.4 | 19 |
| State and local government employee retirement funds; miscellaneous assets | FA223093005 | 48.7 | 19.4 | -28.2 | -44.8 | -45.5 | 53.4 | -75.8 | 34.3 | -15.0 | 20 |
| State and local government employee retirement funds; pension entitlements (total liabilities) | FA224190005 | 211.0 | 223.9 | 233.5 | 238.7 | 234.1 | 229.7 | 231.5 | 224.9 | 228.1 | 21 |
| State and local government employee defined benefit retirement funds; total financial assets (4) | FA224090045 | 218.1 | 217.1 | 216.3 | 216.4 | 216.3 | 216.4 | 216.3 | 216.3 | 216.4 | 22 |
| State and local government employee defined contribution retirement funds; total financial assets (5) | FA224090055 | -12.4 | 2.0 | 12.2 | 17.4 | 12.8 | 8.4 | 10.2 | 3.5 | 6.7 | 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: September 11, 2025