Financial Accounts of the United States - Z.1
F.118 Private pension funds1
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Gross saving less net capital transfers paid | FA576000105 | 47.3 | 1.7 | 1.9 | 1.7 | 1.8 | 1.8 | 1.8 | 1.8 | 2.0 |
| Line 2 | Fixed nonresidential investment | FA575013005 | 3.2 | 3.4 | 3.5 | 3.4 | 3.4 | 3.5 | 3.5 | 3.5 | 3.6 |
| Line 3 | Net acquisition of financial assets2 | FA574090005 | 193.4 | -24.3 | -60.7 | -30.3 | -34.8 | -65.0 | -47.2 | -61.0 | -69.4 |
| Line 4 | Checkable deposits and currency | FA573020005 | -4.3 | -3.6 | -3.8 | -3.6 | -3.7 | -3.6 | -3.1 | -5.0 | -3.7 |
| Line 5 | Time and savings deposits | FA573030005 | -0.0 | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 | -0.6 | -0.7 |
| Line 6 | Money market fund shares | FA573034005 | 2.7 | 7.2 | 20.2 | 11.5 | 9.5 | 16.1 | 25.1 | 25.9 | 13.9 |
| Line 7 | Security repurchase agreements | FA572051005 | -0.1 | -1.1 | -1.1 | -1.1 | -1.1 | -1.1 | -1.2 | -1.1 | -1.2 |
| Line 8 | Debt securities | FA574022005 | 91.6 | 76.3 | 107.9 | 87.8 | 83.9 | 92.9 | 115.7 | 126.2 | 96.9 |
| Line 9 | Open market paper | FA573069105 | -0.0 | -1.6 | -1.7 | -1.6 | -1.7 | -1.6 | -1.7 | -1.6 | -1.8 |
| Line 10 | Treasury securities | FA573061105 | 47.4 | 44.9 | 62.8 | 51.1 | 49.3 | 53.9 | 68.7 | 71.6 | 56.9 |
| Line 11 | Agency- and GSE-backed securities | FA573061705 | 22.8 | 13.1 | 13.8 | 13.2 | 13.5 | 13.4 | 13.2 | 14.8 | 14.0 |
| Line 12 | Corporate and foreign bonds | FA573063005 | 21.4 | 19.9 | 33.0 | 25.1 | 22.8 | 27.2 | 35.5 | 41.4 | 27.8 |
| Line 13 | Loans (mortgages) | FA573065005 | 6.7 | 3.1 | 3.0 | 3.1 | 3.2 | 3.1 | 3.5 | 1.9 | 3.4 |
| Line 14 | Corporate equities | FA573064105 | -232.2 | -55.7 | 252.7 | -21.6 | -41.4 | -29.7 | 63.6 | 980.0 | -3.0 |
| Line 15 | Mutual fund shares | FA573064205 | 61.0 | -147.1 | -561.4 | -203.6 | -185.1 | -240.3 | -356.8 | -1300.3 | -348.1 |
| Line 16 | Miscellaneous assets | FA573090005 | 268.1 | 97.3 | 122.5 | 97.9 | 100.5 | 98.2 | 106.8 | 112.1 | 173.1 |
| Line 17 | Unallocated insurance contracts3 | FA573095005 | -28.1 | -9.9 | -11.9 | -10.0 | -10.1 | -10.4 | -7.3 | -18.0 | -11.8 |
| Line 18 | Contributions receivable | FA573074005 | 4.1 | 3.7 | 4.6 | 3.8 | 3.8 | 3.9 | 3.4 | 7.1 | 3.9 |
| Line 19 | Claims of pension fund on sponsor4 | FA573073005 | 221.4 | 146.6 | 149.5 | 143.6 | 148.7 | 142.2 | 152.4 | 147.0 | 156.4 |
| Line 20 | Other | FA573093005 | 70.7 | -43.2 | -19.7 | -39.6 | -41.8 | -37.5 | -41.8 | -24.1 | 24.6 |
| Line 21 | Net increase in pension entitlements (liabilities) | FA574190005 | 149.2 | -22.6 | -59.0 | -28.6 | -33.2 | -63.3 | -45.5 | -59.3 | -67.8 |
| Memo: Net acquisition of financial assets | |||||||||||
| Line 22 | Defined benefit plans5 | FA574090045 | -12.1 | -70.4 | -75.1 | -72.0 | -75.1 | -75.2 | -75.2 | -75.2 | -75.1 |
| Line 23 | Defined contribution plans6 | FA574090055 | 205.4 | 46.1 | 14.5 | 41.7 | 40.3 | 10.1 | 28.0 | 14.2 | 5.6 |
Notes:
- Sum of private defined benefit plans and defined contribution plans (including 401(k) type plans).
- 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.
- Additional detail on defined benefit plans is available on table F.118.b.
- Additional detail on defined contribution plans is available on table F.118.c.
Last Update: 2026-03-19