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 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 8854.1 | 9214.4 | 9474.7 | 9284.1 | 9348.3 | 9417.9 | 9474.7 | 9527.0 | 9600.0 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 26.3 | 23.8 | 48.8 | 34.4 | 39.7 | 45.1 | 48.8 | 39.7 | 39.1 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 6.4 | 2.3 | 0.0 | 1.8 | 2.0 | 0.0 | 0.0 | 0.0 | 0.2 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 22.1 | 17.4 | 23.6 | 25.9 | 24.2 | 22.0 | 23.6 | 21.6 | 22.1 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 48.0 | 57.8 | 107.9 | 62.2 | 72.4 | 77.6 | 107.9 | 107.1 | 102.3 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1026.2 | 1092.8 | 1238.2 | 1124.6 | 1191.8 | 1278.9 | 1238.2 | 1269.4 | 1263.0 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 11.2 | 11.6 | 12.3 | 13.8 | 13.4 | 10.4 | 12.3 | 11.5 | 11.8 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 321.8 | 394.2 | 458.9 | 411.8 | 446.5 | 488.3 | 458.9 | 474.3 | 469.7 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 163.0 | 160.0 | 187.4 | 165.3 | 171.4 | 184.2 | 187.4 | 191.0 | 189.5 | 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 | 530.1 | 527.0 | 579.7 | 533.6 | 560.5 | 595.9 | 579.7 | 592.5 | 592.0 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 6.5 | 4.7 | 5.1 | 4.2 | 4.3 | 4.4 | 5.1 | 5.0 | 4.9 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 2957.4 | 3178.0 | 3402.6 | 3351.7 | 3344.1 | 3446.5 | 3402.6 | 3295.9 | 3670.9 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 196.5 | 241.0 | 233.8 | 228.1 | 229.2 | 232.6 | 233.8 | 230.4 | 247.4 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4564.8 | 4596.7 | 4414.6 | 4451.3 | 4440.7 | 4310.8 | 4414.6 | 4557.9 | 4250.0 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 278.0 | 284.9 | 301.2 | 289.7 | 293.3 | 298.3 | 301.2 | 303.5 | 309.1 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3310.2 | 3209.6 | 2959.1 | 3035.3 | 3024.0 | 2847.1 | 2959.1 | 3096.5 | 2729.5 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 976.6 | 1102.2 | 1154.4 | 1126.2 | 1123.3 | 1165.4 | 1154.4 | 1157.9 | 1211.4 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9072.2 | 9360.4 | 9617.2 | 9432.4 | 9493.4 | 9562.2 | 9617.2 | 9669.4 | 9743.2 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 8648.0 | 8907.5 | 9128.8 | 8962.8 | 9018.1 | 9073.5 | 9128.8 | 9184.1 | 9239.4 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5337.8 | 5697.9 | 6169.7 | 5927.5 | 5994.1 | 6226.3 | 6169.7 | 6087.6 | 6510.0 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3310.2 | 3209.6 | 2959.1 | 3035.3 | 3024.0 | 2847.1 | 2959.1 | 3096.5 | 2729.5 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 8430.0 | 8761.4 | 8986.2 | 8814.6 | 8873.0 | 8929.1 | 8986.2 | 9041.8 | 9096.2 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 424.2 | 453.0 | 488.4 | 469.6 | 475.3 | 488.8 | 488.4 | 485.3 | 503.7 | 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: September 11, 2025