Financial Accounts of the United States - Z.1
F.120 State and local government employee pension funds
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 | FA226330005 | 1.7 | 2.1 | 2.2 | 2.1 | 2.1 | 2.2 | 2.2 | 2.2 | 2.3 |
| Line 2 | Fixed nonresidential investment | FA225013005 | 6.7 | 6.8 | 6.8 | 6.8 | 6.7 | 6.8 | 6.7 | 6.8 | 6.8 |
| Line 3 | Net acquisition of financial assets1 | FA224090005 | 230.7 | 244.1 | 240.7 | 240.6 | 243.4 | 236.9 | 243.9 | 241.3 | 240.6 |
| Line 4 | Checkable deposits and currency | FA223020043 | -2.1 | 25.5 | -11.4 | 19.6 | 17.4 | -39.6 | -39.7 | 30.8 | 3.0 |
| Line 5 | Time and savings deposits | FA223030043 | -4.1 | -2.3 | 0.0 | -8.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 6 | Money market fund shares | FA223034005 | -4.4 | 6.4 | 13.1 | -9.5 | 7.3 | -8.1 | 23.1 | 23.3 | 14.2 |
| Line 7 | Security repurchase agreements | FA222051043 | 11.1 | 51.1 | 49.1 | 18.1 | 126.9 | -3.2 | 3.4 | 142.3 | 54.0 |
| Line 8 | Debt securities | FA224022045 | 28.1 | 152.8 | 103.2 | 113.7 | 50.2 | 33.2 | 96.8 | 202.1 | 80.9 |
| Line 9 | Open market paper | FA223069143 | 0.6 | 0.8 | 1.6 | -12.8 | 8.2 | -3.1 | 2.0 | 4.0 | 3.3 |
| Line 10 | Treasury securities | FA223061143 | 72.5 | 71.4 | 44.1 | 70.3 | -24.0 | 16.1 | -9.0 | 151.2 | 18.2 |
| Line 11 | Agency- and GSE-backed securities | FA223061743 | -7.7 | 20.7 | 33.8 | 44.6 | 13.4 | 2.1 | 84.5 | 24.8 | 23.5 |
| Line 12 | Municipal securities | FA223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 13 | Corporate and foreign bonds | FA223063045 | -37.3 | 59.9 | 23.8 | 11.6 | 52.5 | 18.1 | 19.2 | 22.0 | 35.8 |
| Line 14 | Loans (mortgages) | FA223065043 | -1.7 | 0.4 | 0.1 | 0.4 | 2.9 | -0.3 | 0.7 | 0.2 | -0.3 |
| Line 15 | Corporate equities | FA223064145 | -92.1 | -202.3 | -178.7 | -185.0 | -178.2 | -66.6 | -224.3 | -265.6 | -158.3 |
| Line 16 | Mutual fund shares | FA223064205 | 15.0 | -34.4 | -0.8 | -20.0 | -1.0 | -1.1 | 65.8 | -61.6 | -6.2 |
| Line 17 | Miscellaneous assets | FA223090005 | 280.9 | 246.9 | 266.0 | 311.3 | 218.0 | 322.6 | 318.2 | 169.9 | 253.3 |
| Line 18 | Unallocated insurance contracts2 | FA223095505 | 1.9 | 12.0 | 10.7 | 11.7 | 12.8 | 12.3 | 6.5 | 13.5 | 10.7 |
| Line 19 | Claims of pension fund on sponsor3 | FA223073045 | 255.7 | 261.6 | 258.6 | 258.9 | 269.4 | 258.6 | 258.9 | 258.9 | 258.1 |
| Line 20 | Other | FA223093005 | 23.3 | -26.8 | -3.3 | 40.7 | -64.1 | 51.7 | 52.9 | -102.4 | -15.5 |
| Line 21 | Net increase in pension entitlements (liabilities) | FA224190005 | 235.6 | 248.7 | 245.2 | 245.3 | 247.9 | 241.5 | 248.5 | 245.8 | 245.1 |
| Memo: Net acquisition of financial assets | |||||||||||
| Line 22 | Defined benefit plans4 | FA224090045 | 228.9 | 232.2 | 233.5 | 232.6 | 233.4 | 233.4 | 233.5 | 233.5 | 233.5 |
| Line 23 | Defined contribution plans5 | FA224090055 | 1.8 | 11.9 | 7.2 | 8.0 | 9.9 | 3.4 | 10.5 | 7.8 | 7.1 |
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.
- Additional detail on defined benefit plans is available on table F.120.b.
- Additional detail on defined contribution plans is available on table F.120.c.
Last Update: 2026-03-19