Financial Accounts of the United States - Z.1

L.120.b State and Local Government Employee Retirement 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
State and local government employee defined benefit retirement funds; total financial assets (1) FL224090045 8393.6 8793.5 9108.3 8950.1 9030.1 9108.3 9168.2 9226.9 9285.8 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 defined benefit retirement funds; money market fund shares; asset FL223034043 21.0 15.5 21.9 22.4 20.1 21.9 19.8 26.3 25.9 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 defined benefit retirement funds; mutual fund shares; asset LM223064243 52.3 68.5 40.7 42.6 40.8 40.7 41.9 50.4 52.6 14
State and local government employee defined benefit retirement funds; miscellaneous assets FL223090045 4249.7 4350.5 4245.6 4233.6 4118.9 4245.6 4392.4 4238.7 4084.6 15
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (2) FL223073045 3273.8 3244.4 3085.1 3104.1 2950.1 3085.1 3229.0 2936.0 2755.9 16
State and local government employee defined benefit retirement funds; unidentified miscellaneous assets LM223093043 975.9 1106.1 1160.5 1129.5 1168.8 1160.5 1163.3 1302.7 1328.7 17
State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) (3) FL224190043 8611.7 8942.7 9253.6 9098.1 9175.9 9253.6 9313.1 9372.6 9432.1 18

NOTES

  1. Includes claims on sponsor (i.e., unfunded pension entitlements).
  2. Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
  3. Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.
Last Update: January 9, 2026