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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 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 | 2.1 | 2.1 | 2.1 | 2.1 | 2.2 | 2.2 | 2.2 | 1 |
| State and local government employee retirement funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA225013005 | 6.5 | 6.7 | 6.8 | 6.8 | 6.8 | 6.7 | 6.8 | 6.7 | 6.8 | 2 |
| State and local government employee retirement funds; total financial assets (1) | FA224090005 | 218.7 | 230.7 | 244.1 | 244.2 | 240.6 | 243.4 | 236.8 | 243.8 | 231.5 | 3 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FA223020043 | -2.1 | -2.1 | 25.5 | 22.1 | 19.6 | 17.4 | -39.6 | -37.1 | 3.9 | 4 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FA223030043 | 4.0 | -4.1 | -2.3 | 0.7 | -8.1 | 0.0 | 0.0 | 0.0 | 0.8 | 5 |
| State and local government employee retirement funds; money market fund shares; asset | FA223034005 | -4.4 | -4.4 | 6.4 | -7.3 | -9.5 | 7.2 | -8.1 | 25.9 | -1.2 | 6 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FA222051043 | 20.3 | 11.1 | 51.1 | 41.5 | 18.2 | 126.9 | -3.3 | 15.4 | -15.6 | 7 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | FA224022045 | 15.8 | 28.1 | 152.8 | 272.3 | 114.2 | 49.6 | 32.5 | -123.4 | -7.2 | 8 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FA223069143 | -9.3 | 0.6 | 0.8 | -1.6 | -12.8 | 8.2 | -3.1 | 3.4 | 0.4 | 9 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | FA223061143 | -32.9 | 72.5 | 71.4 | 145.6 | 70.5 | -24.2 | 15.8 | 37.2 | -9.8 | 10 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | FA223061743 | -16.1 | -7.7 | 20.7 | -1.3 | 44.7 | 13.3 | 2.0 | 50.8 | -11.0 | 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 | -37.3 | 59.9 | 129.7 | 11.8 | 52.3 | 17.8 | -214.7 | 13.2 | 13 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FA223065043 | -0.3 | -1.7 | 0.4 | 0.6 | 0.4 | 2.9 | -0.3 | 1.2 | -0.4 | 14 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | FA223064145 | -76.9 | -92.1 | -202.8 | -315.7 | -185.7 | -179.7 | -68.4 | -292.8 | 50.2 | 15 |
| State and local government employee retirement funds; mutual fund shares; asset | FA223064205 | -47.2 | 15.0 | -34.4 | -3.9 | -20.0 | -1.0 | -1.1 | 24.7 | -15.2 | 16 |
| State and local government employee retirement funds; miscellaneous assets | FA223090005 | 309.5 | 280.9 | 247.4 | 233.9 | 311.4 | 220.1 | 325.1 | 629.9 | 216.3 | 17 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FA223095505 | 12.7 | 1.9 | 12.0 | 12.4 | 11.7 | 12.8 | 12.3 | 6.3 | 11.5 | 18 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FA223073045 | 248.0 | 255.7 | 262.2 | 259.0 | 258.9 | 272.0 | 281.0 | 258.9 | 258.9 | 19 |
| State and local government employee retirement funds; miscellaneous assets | FA223093005 | 48.8 | 23.3 | -26.9 | -37.5 | 40.8 | -64.6 | 31.9 | 364.7 | -54.1 | 20 |
| State and local government employee retirement funds; pension entitlements (total liabilities) | FA224190005 | 223.9 | 235.6 | 248.7 | 248.9 | 245.3 | 248.0 | 241.5 | 248.4 | 236.1 | 21 |
| State and local government employee defined benefit retirement funds; total financial assets (4) | FA224090045 | 231.1 | 228.9 | 232.2 | 231.8 | 232.6 | 233.4 | 233.4 | 233.5 | 233.5 | 22 |
| State and local government employee defined contribution retirement funds; total financial assets (5) | FA224090055 | -12.4 | 1.8 | 11.9 | 12.4 | 8.0 | 9.9 | 3.4 | 10.3 | -2.0 | 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: January 9, 2026