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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pension funds; total financial assets (2) | FL594090005 | 24475.5 | 26513.3 | 28169.3 | 27476.8 | 28095.6 | 28169.3 | 27948.0 | 28857.8 | 29564.7 | 1 |
| Pension funds; checkable deposits and currency; asset | FL593020005 | 48.9 | 42.7 | 64.8 | 57.3 | 61.4 | 64.8 | 54.1 | 44.1 | 44.2 | 2 |
| Pension funds; total time and savings deposits; asset | FL593030005 | 20.8 | 16.8 | 13.8 | 16.2 | 14.0 | 13.8 | 13.6 | 13.5 | 13.5 | 3 |
| Pension funds; money market fund shares; asset | FL593034005 | 222.7 | 220.9 | 234.5 | 229.8 | 230.3 | 234.5 | 236.5 | 249.3 | 255.3 | 4 |
| Pension funds; security repurchase agreements; asset | FL592051005 | 62.4 | 73.4 | 123.4 | 87.7 | 91.9 | 123.4 | 122.3 | 125.8 | 121.6 | 5 |
| Pension funds; debt securities; asset | LM594022005 | 2553.3 | 2788.9 | 2994.6 | 2891.3 | 3069.0 | 2994.6 | 3078.7 | 3094.3 | 3157.0 | 6 |
| Pension funds; commercial paper; asset | FL593069105 | 46.1 | 46.7 | 45.8 | 47.8 | 44.2 | 45.8 | 44.6 | 45.0 | 44.7 | 7 |
| Pension funds; Treasury securities; asset | LM593061105 | 767.4 | 907.4 | 1013.1 | 971.3 | 1045.8 | 1013.1 | 1055.8 | 1084.4 | 1108.8 | 8 |
| Pension funds; agency- and GSE-backed securities; asset | LM593061705 | 392.0 | 416.7 | 453.4 | 428.0 | 455.7 | 453.4 | 463.5 | 481.5 | 484.7 | 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 | 1418.1 | 1482.3 | 1444.3 | 1523.3 | 1482.3 | 1514.7 | 1483.4 | 1518.7 | 11 |
| Pension funds; loans; asset | FL594023005 | 2705.5 | 2964.6 | 3209.8 | 2974.1 | 3025.8 | 3209.8 | 3196.1 | 3066.9 | 3294.6 | 12 |
| Federal government retirement funds; other loans and advances; asset (3) | FL343069005 | 2680.2 | 2934.4 | 3176.0 | 2942.7 | 2993.6 | 3176.0 | 3161.7 | 3031.3 | 3258.5 | 13 |
| Pension funds; total mortgages; asset | FL593065005 | 25.2 | 30.2 | 33.7 | 31.4 | 32.2 | 33.7 | 34.4 | 35.6 | 36.1 | 14 |
| Pension funds; corporate equities; asset | LM593064105 | 6553.6 | 7380.7 | 8480.6 | 8047.7 | 8425.8 | 8480.6 | 8085.8 | 8844.4 | 9712.2 | 15 |
| Pension funds; mutual fund shares; asset | LM593064205 | 4552.3 | 5321.8 | 5762.9 | 5648.2 | 5888.1 | 5762.9 | 5596.7 | 5958.4 | 5950.6 | 16 |
| Pension funds; total miscellaneous assets | FL593090005 | 7756.1 | 7703.5 | 7284.9 | 7524.6 | 7289.3 | 7284.9 | 7564.2 | 7461.1 | 7015.7 | 17 |
| Pension funds; unallocated insurance contracts; asset (4) | FL593095005 | 881.0 | 887.2 | 915.5 | 904.0 | 917.4 | 915.5 | 911.3 | 927.8 | 940.8 | 18 |
| Private pension funds; pension fund contributions receivable; asset | FL573074005 | 73.2 | 77.3 | 81.1 | 79.1 | 80.1 | 81.1 | 82.1 | 83.0 | 84.4 | 19 |
| Pension funds; claims of pension fund on sponsor; asset (5) | FL593073005 | 4965.8 | 4702.0 | 4239.0 | 4503.9 | 4224.2 | 4239.0 | 4527.5 | 4277.5 | 3803.3 | 20 |
| Pension funds; unidentified miscellaneous assets | FL593093005 | 1836.0 | 2037.0 | 2049.3 | 2037.6 | 2067.6 | 2049.3 | 2043.3 | 2172.8 | 2187.2 | 21 |
| Pension funds; total liabilities (6) | FL594190005 | 24733.0 | 26702.5 | 28355.6 | 27665.3 | 28282.0 | 28355.6 | 28134.3 | 29045.4 | 29753.3 | 22 |
| Defined benefit pension funds; pension entitlements (total liabilities) | FL594190045 | 15606.4 | 16052.4 | 16353.3 | 16203.1 | 16278.8 | 16353.3 | 16413.7 | 16475.5 | 16536.9 | 23 |
| Defined benefit pension funds; total funded assets (7) | FL592000075 | 10640.7 | 11350.5 | 12114.3 | 11699.2 | 12054.6 | 12114.3 | 11886.2 | 12198.0 | 12733.7 | 24 |
| Pension funds; defined benefit claims of pension fund on sponsor; asset | FL593073045 | 4965.8 | 4702.0 | 4239.0 | 4503.9 | 4224.2 | 4239.0 | 4527.5 | 4277.5 | 3803.3 | 25 |
| Households and nonprofit organizations; retirement assets (8) | FL153050015 | 40704.4 | 45077.0 | 49016.1 | 47393.7 | 48959.6 | 49016.1 | 48555.2 | 50777.0 | ND | 26 |
| Defined benefit pension funds; pension entitlements (total liabilities) | FL594190045 | 15606.4 | 16052.4 | 16353.3 | 16203.1 | 16278.8 | 16353.3 | 16413.7 | 16475.5 | 16536.9 | 27 |
| Defined contribution pension funds; total financial assets | FL594090055 | 9126.6 | 10650.1 | 12002.4 | 11462.2 | 12003.2 | 12002.4 | 11720.6 | 12569.8 | 13216.3 | 28 |
| All sectors; IRAs; liability (9) | LM893131573 | 12900.0 | 15000.0 | 17000.0 | 16185.0 | 17030.0 | 17000.0 | 16784.0 | 17960.0 | ND | 29 |
| Life insurance companies; pension entitlements, excluding unallocated insurance contracts and IRAs; liability (10) | FL543150015 | 3071.4 | 3374.5 | 3660.5 | 3543.4 | 3647.6 | 3660.5 | 3636.9 | 3771.7 | 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: January 9, 2026