Financial Accounts of the United States - Z.1
F.120.b State and Local Government Employee Retirement Funds Defined Benefit Plans
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 defined benefit retirement funds; total financial assets (1) | FA224090045 | 218.1 | 217.1 | 216.3 | 216.4 | 216.3 | 216.4 | 216.3 | 216.3 | 216.4 | 1 |
| 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 | 2 |
| 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 | 3 |
| State and local government employee defined benefit retirement funds; money market fund shares; asset | FA223034043 | -4.2 | -5.8 | 6.2 | 34.3 | -7.1 | -8.5 | 6.3 | -8.0 | 1.9 | 4 |
| 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 | 5 |
| 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 | 6 |
| 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 | 7 |
| 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 | 8 |
| 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 | 9 |
| 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 | 10 |
| 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 | 11 |
| 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 | 12 |
| 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 | 13 |
| State and local government employee defined benefit retirement funds; mutual fund shares; asset | FA223064243 | -23.3 | 23.1 | -33.8 | -117.7 | -6.5 | -30.8 | 19.9 | 12.3 | 0.5 | 14 |
| State and local government employee defined benefit retirement funds; miscellaneous assets | FA223090045 | 286.4 | 261.7 | 218.8 | 200.7 | 200.0 | 298.8 | 175.6 | 280.0 | 230.4 | 15 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (2) | FA223073045 | 236.7 | 242.4 | 247.0 | 245.5 | 245.5 | 245.5 | 251.5 | 245.8 | 245.4 | 16 |
| State and local government employee defined benefit retirement funds; unidentified miscellaneous assets | FA223093043 | 49.7 | 19.3 | -28.2 | -44.8 | -45.5 | 53.4 | -75.9 | 34.2 | -15.0 | 17 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FA224190043 | 223.4 | 221.9 | 221.3 | 221.3 | 221.3 | 221.3 | 221.3 | 221.3 | 221.3 | 18 |
NOTES
- Includes claims on sponsor (i.e., unfunded pension entitlements).
- Unfunded defined benefit pension entitlements.
Last Update: September 11, 2025