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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 8817.7 | 9246.5 | 9596.4 | 9425.2 | 9518.6 | 9596.4 | 9653.1 | 9731.1 | 9802.2 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 26.3 | 24.2 | 49.8 | 40.5 | 45.4 | 49.8 | 39.9 | 30.6 | 31.6 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 6.4 | 2.3 | 0.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 22.1 | 17.7 | 24.1 | 24.6 | 22.3 | 24.1 | 22.0 | 28.5 | 28.2 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 48.0 | 59.0 | 110.2 | 73.9 | 78.4 | 110.2 | 109.3 | 113.2 | 109.3 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1026.2 | 1111.6 | 1253.7 | 1206.3 | 1287.4 | 1253.7 | 1284.1 | 1260.1 | 1272.8 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 11.2 | 11.8 | 12.6 | 13.7 | 10.5 | 12.6 | 11.8 | 12.6 | 12.7 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 321.8 | 402.7 | 468.6 | 455.8 | 493.7 | 468.6 | 484.1 | 494.4 | 496.5 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 163.0 | 158.9 | 180.5 | 164.5 | 180.6 | 180.5 | 183.4 | 196.8 | 195.1 | 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 | 538.2 | 592.0 | 572.2 | 602.6 | 592.0 | 604.8 | 556.3 | 568.4 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 6.5 | 4.8 | 5.2 | 4.4 | 4.5 | 5.2 | 5.1 | 5.4 | 5.3 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 2957.4 | 3157.2 | 3381.4 | 3324.3 | 3434.6 | 3381.4 | 3275.6 | 3502.2 | 3703.5 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 196.5 | 233.5 | 224.9 | 221.6 | 228.3 | 224.9 | 220.6 | 244.2 | 253.6 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4528.4 | 4636.2 | 4547.2 | 4527.6 | 4417.7 | 4547.2 | 4696.4 | 4546.9 | 4397.8 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 278.0 | 284.9 | 300.8 | 293.1 | 298.0 | 300.8 | 303.2 | 307.4 | 312.3 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3273.8 | 3244.4 | 3085.1 | 3104.1 | 2950.1 | 3085.1 | 3229.0 | 2936.0 | 2755.9 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 976.6 | 1106.9 | 1161.3 | 1130.4 | 1169.7 | 1161.3 | 1164.2 | 1303.5 | 1329.5 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9035.8 | 9395.6 | 9741.7 | 9573.3 | 9664.4 | 9741.7 | 9798.0 | 9876.9 | 9948.5 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 8611.7 | 8942.7 | 9253.6 | 9098.1 | 9175.9 | 9253.6 | 9313.1 | 9372.6 | 9432.1 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5337.9 | 5698.3 | 6168.5 | 5994.0 | 6225.8 | 6168.5 | 6084.1 | 6436.6 | 6676.2 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3273.8 | 3244.4 | 3085.1 | 3104.1 | 2950.1 | 3085.1 | 3229.0 | 2936.0 | 2755.9 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 8393.6 | 8793.5 | 9108.3 | 8950.1 | 9030.1 | 9108.3 | 9168.2 | 9226.9 | 9285.8 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 424.2 | 453.0 | 488.1 | 475.1 | 488.5 | 488.1 | 484.9 | 504.3 | 516.4 | 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: January 9, 2026