Financial Accounts of the United States - Z.1
L.119 Federal government employee pension funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total financial assets1 | FL344090005 | 4676.4 | 4834.2 | 5046.1 | 4815.4 | 4834.2 | 4828.2 | 4915.8 | 4990.6 | 5046.1 |
| Line 2 | Checkable deposits and currency | FL343020033 | 0.7 | 1.0 | 1.3 | 0.9 | 1.0 | 1.1 | 1.2 | 1.2 | 1.3 |
| Line 3 | Debt securities | LM344022005 | 43.2 | 44.7 | 48.2 | 45.6 | 44.7 | 46.0 | 46.5 | 47.6 | 48.2 |
| Line 4 | Treasury securities | LM343061105 | 19.9 | 20.9 | 22.2 | 20.4 | 20.9 | 21.6 | 21.5 | 21.9 | 22.2 |
| Line 5 | Agency- and GSE-backed securities | LM343061705 | 10.0 | 10.1 | 11.0 | 10.7 | 10.1 | 10.4 | 10.6 | 10.8 | 11.0 |
| Line 6 | Municipal securities | LM343062033 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 7 | Corporate and foreign bonds | LM343063005 | 13.3 | 13.7 | 14.9 | 14.4 | 13.7 | 13.9 | 14.3 | 14.8 | 14.9 |
| Line 8 | Loans (other loans and advances)2 | FL343069005 | 2934.4 | 3176.0 | 3563.4 | 2993.6 | 3176.0 | 3161.7 | 3031.3 | 3258.5 | 3563.4 |
| Line 9 | Corporate equities | LM343064105 | 534.5 | 650.5 | 733.5 | 635.5 | 650.5 | 599.1 | 663.7 | 718.2 | 733.5 |
| Line 10 | Claims of pension fund on sponsor (misc. assets)3 | FL343073045 | 1163.7 | 962.0 | 699.7 | 1139.8 | 962.0 | 1020.4 | 1173.2 | 965.0 | 699.7 |
| Line 11 | Pension entitlements (liabilities)4 | FL344090005 | 4676.4 | 4834.2 | 5046.1 | 4815.4 | 4834.2 | 4828.2 | 4915.8 | 4990.6 | 5046.1 |
| Memo: | |||||||||||
| Line 12 | Pension entitlements of defined benefit plans | FL344090045 | 3831.7 | 3871.7 | 3951.3 | 3862.4 | 3871.7 | 3891.0 | 3911.6 | 3931.9 | 3951.3 |
| Line 13 | Funded by assets5 | FL342000075 | 2668.0 | 2909.7 | 3251.6 | 2722.7 | 2909.7 | 2870.5 | 2738.4 | 2966.9 | 3251.6 |
| Line 14 | Unfunded (line 10) | FL343073045 | 1163.7 | 962.0 | 699.7 | 1139.8 | 962.0 | 1020.4 | 1173.2 | 965.0 | 699.7 |
| Total financial assets | |||||||||||
| Line 15 | Defined benefit plans6 | FL344090045 | 3831.7 | 3871.7 | 3951.3 | 3862.4 | 3871.7 | 3891.0 | 3911.6 | 3931.9 | 3951.3 |
| Line 16 | Defined contribution plans7 | FL344090055 | 844.8 | 962.5 | 1094.7 | 952.9 | 962.5 | 937.2 | 1004.2 | 1058.7 | 1094.7 |
Notes:
- Includes claims on sponsor (i.e., unfunded pension entitlements).
- Nonmarketable Treasury securities classified as loans and suspended reinvestments in the Thrift Savings Plan G Fund.
- Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
- Actuarial value of projected pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.
- Total defined benefit financial assets less defined benefit claims of pension fund on sponsor.
- Additional detail on defined benefit plans is available on table L.119.b.
- Additional detail on defined contribution plans is available on table L.119.c.
Last Update: 2026-03-19