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 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pension funds; total financial assets (2) | FL594090005 | 24527.5 | 26487.8 | 28071.4 | 27174.2 | 27415.1 | 28014.5 | 28071.4 | 27853.0 | 28763.2 | 1 |
| Pension funds; checkable deposits and currency; asset | FL593020005 | 48.9 | 42.2 | 63.7 | 52.0 | 56.5 | 60.9 | 63.7 | 53.6 | 52.2 | 2 |
| Pension funds; total time and savings deposits; asset | FL593030005 | 20.8 | 16.7 | 13.8 | 16.1 | 16.1 | 14.0 | 13.8 | 13.6 | 13.6 | 3 |
| Pension funds; money market fund shares; asset | FL593034005 | 222.7 | 220.6 | 225.6 | 228.7 | 226.8 | 224.3 | 225.6 | 224.1 | 224.5 | 4 |
| Pension funds; security repurchase agreements; asset | FL592051005 | 62.4 | 72.1 | 121.1 | 76.2 | 86.1 | 91.1 | 121.1 | 120.0 | 114.9 | 5 |
| Pension funds; debt securities; asset | LM594022005 | 2553.3 | 2770.2 | 2958.1 | 2799.9 | 2870.2 | 3045.1 | 2958.1 | 3034.2 | 3051.2 | 6 |
| Pension funds; commercial paper; asset | FL593069105 | 46.1 | 46.4 | 45.5 | 48.3 | 47.5 | 44.1 | 45.5 | 44.4 | 44.2 | 7 |
| Pension funds; Treasury securities; asset | LM593061105 | 767.4 | 899.0 | 991.4 | 918.0 | 958.3 | 1031.8 | 991.4 | 1028.9 | 1033.5 | 8 |
| Pension funds; agency- and GSE-backed securities; asset | LM593061705 | 392.0 | 417.8 | 460.1 | 425.1 | 434.8 | 459.2 | 460.1 | 471.0 | 474.1 | 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 | 1347.8 | 1406.9 | 1461.0 | 1408.5 | 1429.7 | 1510.0 | 1461.0 | 1489.9 | 1499.5 | 11 |
| Pension funds; loans; asset | FL594023005 | 2705.5 | 2964.5 | 3209.7 | 2955.9 | 2974.0 | 3025.8 | 3209.7 | 3196.0 | 3066.4 | 12 |
| Federal government retirement funds; other loans and advances; asset (3) | FL343069005 | 2680.2 | 2934.4 | 3176.0 | 2925.6 | 2942.7 | 2993.6 | 3176.0 | 3161.7 | 3031.3 | 13 |
| Pension funds; total mortgages; asset | FL593065005 | 25.2 | 30.1 | 33.7 | 30.4 | 31.3 | 32.2 | 33.7 | 34.3 | 35.1 | 14 |
| Pension funds; corporate equities; asset | LM593064105 | 6553.6 | 7401.6 | 8435.6 | 7952.8 | 8047.9 | 8392.7 | 8435.6 | 8021.4 | 8871.1 | 15 |
| Pension funds; mutual fund shares; asset | LM593064205 | 4552.3 | 5329.3 | 5871.8 | 5625.5 | 5685.9 | 5962.1 | 5871.8 | 5745.4 | 6189.3 | 16 |
| Pension funds; total miscellaneous assets | FL593090005 | 7808.0 | 7670.6 | 7172.0 | 7467.0 | 7451.4 | 7198.4 | 7172.0 | 7444.6 | 7179.9 | 17 |
| Pension funds; unallocated insurance contracts; asset (4) | FL593095005 | 881.0 | 887.2 | 916.2 | 900.9 | 904.5 | 918.1 | 916.2 | 911.7 | 929.6 | 18 |
| Private pension funds; pension fund contributions receivable; asset | FL573074005 | 73.2 | 77.3 | 81.0 | 78.2 | 79.1 | 80.0 | 81.0 | 82.1 | 82.9 | 19 |
| Pension funds; claims of pension fund on sponsor; asset (5) | FL593073005 | 5017.7 | 4673.8 | 4137.0 | 4443.7 | 4439.0 | 4140.9 | 4137.0 | 4419.2 | 4095.5 | 20 |
| Pension funds; unidentified miscellaneous assets | FL593093005 | 1836.0 | 2032.3 | 2037.8 | 2044.2 | 2028.9 | 2059.4 | 2037.8 | 2031.6 | 2071.8 | 21 |
| Pension funds; total liabilities (6) | FL594190005 | 24784.8 | 26673.9 | 28255.3 | 27362.7 | 27600.8 | 28199.6 | 28255.3 | 28037.0 | 28948.5 | 22 |
| Defined benefit pension funds; pension entitlements (total liabilities) | FL594190045 | 15658.3 | 16023.8 | 16252.6 | 16081.4 | 16138.4 | 16196.1 | 16252.6 | 16309.2 | 16367.2 | 23 |
| Defined benefit pension funds; total funded assets (7) | FL592000075 | 10640.5 | 11350.0 | 12115.6 | 11637.7 | 11699.4 | 12055.2 | 12115.6 | 11890.0 | 12271.7 | 24 |
| Pension funds; defined benefit claims of pension fund on sponsor; asset | FL593073045 | 5017.7 | 4673.8 | 4137.0 | 4443.7 | 4439.0 | 4140.9 | 4137.0 | 4419.2 | 4095.5 | 25 |
| Households and nonprofit organizations; retirement assets (8) | FL153050015 | 40760.2 | 45062.4 | 48924.2 | 46695.4 | 47336.8 | 48884.9 | 48924.2 | 48460.8 | ND | 26 |
| Defined benefit pension funds; pension entitlements (total liabilities) | FL594190045 | 15658.3 | 16023.8 | 16252.6 | 16081.4 | 16138.4 | 16196.1 | 16252.6 | 16309.2 | 16367.2 | 27 |
| Defined contribution pension funds; total financial assets | FL594090055 | 9126.6 | 10650.1 | 12002.7 | 11281.3 | 11462.4 | 12003.4 | 12002.7 | 11727.8 | 12581.3 | 28 |
| All sectors; IRAs; liability (9) | LM893131573 | 12900.0 | 15000.0 | 17000.0 | 15830.0 | 16185.0 | 17030.0 | 17000.0 | 16784.0 | ND | 29 |
| Life insurance companies; pension entitlements, excluding unallocated insurance contracts and IRAs; liability (10) | FL543150015 | 3075.4 | 3388.5 | 3669.0 | 3502.7 | 3551.0 | 3655.4 | 3669.0 | 3639.8 | 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: September 11, 2025