Financial Accounts of the United States - Z.1

L.119.b Federal government employee defined benefit pension funds1

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 assets2 FL344090045 3831.7 3871.7 3951.3 3862.4 3871.7 3891.0 3911.6 3931.9 3951.3
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 LM344022045 10.5 10.9 10.9 11.0 10.9 10.7 10.6 10.8 10.9
Line 4 Treasury securities LM343061165 6.2 5.9 5.6 5.9 5.9 5.9 5.5 5.6 5.6
Line 5 Agency- and GSE-backed securities LM343061733 0.6 0.8 0.9 0.9 0.8 0.8 0.9 0.9 0.9
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 LM343063033 3.7 4.1 4.4 4.2 4.1 4.0 4.2 4.3 4.4
Line 8 Loans (other loans and advances)3 FL343069245 2639.4 2881.2 3221.7 2693.6 2881.2 2842.4 2709.5 2937.3 3221.7
Line 9 Corporate equities LM343064135 17.4 16.7 17.8 17.1 16.7 16.3 17.1 17.6 17.8
Line 10 Claims of pension fund on sponsor (misc. assets)4 FL343073045 1163.7 962.0 699.7 1139.8 962.0 1020.4 1173.2 965.0 699.7
Line 11 Pension entitlements (liabilities)5 FL344190045 3831.7 3871.7 3951.3 3862.4 3871.7 3891.0 3911.6 3931.9 3951.3

Notes:

  1. Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust.
  2. Includes claims on sponsor (i.e., unfunded pension entitlements).
  3. Nonmarketable Treasury securities classified as loans.
  4. Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
  5. Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

Last Update: 2026-03-19