Financial Accounts of the United States - Z.1
L.118.b Private Pension Funds Defined Benefit Plans
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Private defined benefit pension funds; total financial assets (1) | FL574090045 | 3184.4 | 3238.0 | 3187.0 | 3212.6 | 3199.9 | 3187.0 | 3168.2 | 3149.5 | 3130.6 | 1 |
| Private defined benefit pension funds; checkable deposits and currency; asset | FL573020043 | 12.8 | 10.2 | 8.6 | 9.4 | 9.0 | 8.6 | 8.2 | 7.8 | 7.4 | 2 |
| Private defined benefit pension funds; total time and savings deposits; asset | FL573030043 | 9.3 | 9.3 | 8.5 | 8.9 | 8.7 | 8.5 | 8.4 | 8.2 | 8.0 | 3 |
| Private defined benefit pension funds; money market fund shares; asset | FL573034043 | 38.2 | 37.9 | 35.0 | 36.5 | 35.7 | 35.0 | 34.2 | 33.5 | 32.7 | 4 |
| Private defined benefit pension funds; security repurchase agreements; asset | FL572051043 | 14.4 | 14.3 | 13.2 | 13.8 | 13.5 | 13.2 | 12.9 | 12.6 | 12.4 | 5 |
| Private defined benefit pension funds; debt securities; asset | LM574022045 | 945.4 | 1040.9 | 1050.2 | 1034.1 | 1083.9 | 1050.2 | 1072.3 | 1083.6 | 1101.8 | 6 |
| Private defined benefit pension funds; commercial paper; asset | FL573069143 | 22.9 | 22.7 | 21.0 | 21.9 | 21.4 | 21.0 | 20.5 | 20.1 | 19.6 | 7 |
| Private defined benefit pension funds; Treasury securities; asset | LM573061143 | 226.7 | 268.8 | 286.3 | 274.8 | 292.2 | 286.3 | 298.6 | 304.7 | 312.9 | 8 |
| Private defined benefit pension funds; agency- and GSE-backed securities; asset | LM573061743 | 111.8 | 132.3 | 141.7 | 136.0 | 142.2 | 141.7 | 145.7 | 148.4 | 151.4 | 9 |
| Private defined benefit pension funds; corporate and foreign bonds; asset | LM573063043 | 584.0 | 617.0 | 601.2 | 601.5 | 628.1 | 601.2 | 607.5 | 610.4 | 617.9 | 10 |
| Private defined benefit pension funds; total mortgages; asset | FL573065043 | 12.5 | 19.8 | 24.3 | 22.0 | 23.1 | 24.3 | 25.4 | 26.6 | 27.8 | 11 |
| Private defined benefit pension funds; corporate equities; asset | LM573064143 | 1085.4 | 1118.1 | 1199.9 | 1182.4 | 1211.9 | 1199.9 | 1098.2 | 1174.6 | 1226.8 | 12 |
| Private defined benefit pension funds; mutual fund shares; asset | LM573064243 | 315.6 | 306.6 | 297.1 | 307.5 | 312.8 | 297.1 | 280.9 | 291.2 | 294.9 | 13 |
| Private defined benefit pension funds; total miscellaneous assets | FL573090045 | 750.7 | 680.9 | 550.2 | 598.0 | 501.2 | 550.2 | 627.6 | 511.4 | 418.9 | 14 |
| Private defined benefit pension funds; unallocated insurance contracts; asset (2) | FL573095405 | 55.0 | 54.5 | 54.2 | 54.7 | 55.5 | 54.2 | 52.7 | 53.8 | 54.5 | 15 |
| Private defined benefit pension funds; pension fund contributions receivable; asset | FL573074043 | 27.4 | 27.6 | 27.6 | 27.6 | 27.6 | 27.6 | 27.7 | 27.7 | 27.7 | 16 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset (3) | FL573073005 | 334.7 | 293.9 | 192.0 | 224.8 | 134.4 | 192.0 | 278.1 | 168.3 | 82.3 | 17 |
| Private defined benefit pension funds; unidentified miscellaneous assets | FL573093043 | 333.7 | 304.9 | 276.4 | 290.8 | 283.7 | 276.4 | 269.2 | 261.7 | 254.4 | 18 |
| Private defined benefit pension funds; pension entitlements (total liabilities) (4) | FL574190043 | 3223.8 | 3278.1 | 3228.0 | 3253.1 | 3240.5 | 3228.0 | 3209.6 | 3191.3 | 3172.9 | 19 |
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; series begins 1985:Q4.
- Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
- Actuarial value of accrued defined benefit pension entitlements.
Last Update: January 9, 2026