Financial Accounts of the United States - Z.1
L.120 State and local 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 | FL224090005 | 9246.5 | 9596.4 | 9867.0 | 9518.6 | 9596.4 | 9653.1 | 9734.9 | 9802.8 | 9867.0 |
| Line 2 | Checkable deposits and currency | FL223020043 | 24.2 | 49.8 | 38.4 | 45.4 | 49.8 | 39.9 | 29.9 | 37.6 | 38.4 |
| Line 3 | Time and savings deposits | FL223030043 | 2.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 4 | Money market fund shares | FL223034005 | 17.7 | 24.1 | 37.2 | 22.3 | 24.1 | 22.0 | 27.8 | 33.6 | 37.2 |
| Line 5 | Security repurchase agreements | FL222051043 | 59.0 | 110.2 | 159.2 | 78.4 | 110.2 | 109.3 | 110.2 | 145.7 | 159.2 |
| Line 6 | Debt securities | LM224022045 | 1111.6 | 1253.7 | 1398.9 | 1287.3 | 1253.7 | 1284.3 | 1315.3 | 1380.2 | 1398.9 |
| Line 7 | Open market paper | FL223069143 | 11.8 | 12.6 | 14.1 | 10.5 | 12.6 | 11.8 | 12.3 | 13.3 | 14.1 |
| Line 8 | Treasury securities | LM223061143 | 402.7 | 468.6 | 529.9 | 493.7 | 468.6 | 484.2 | 482.9 | 525.2 | 529.9 |
| Line 9 | Agency- and GSE-backed securities | LM223061743 | 158.9 | 180.5 | 218.9 | 180.6 | 180.5 | 183.4 | 205.3 | 212.6 | 218.9 |
| Line 10 | Municipal securities | LM223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 11 | Corporate and foreign bonds | LM223063045 | 538.2 | 592.0 | 635.9 | 602.5 | 592.0 | 604.9 | 614.8 | 629.0 | 635.9 |
| Line 12 | Loans (mortgages) | FL223065043 | 4.8 | 5.2 | 5.3 | 4.5 | 5.2 | 5.1 | 5.3 | 5.4 | 5.3 |
| Line 13 | Corporate equities | LM223064145 | 3157.2 | 3381.4 | 3742.6 | 3434.3 | 3381.4 | 3276.0 | 3525.6 | 3664.5 | 3742.6 |
| Line 14 | Mutual fund shares | LM223064205 | 233.5 | 224.9 | 253.9 | 228.3 | 224.9 | 220.6 | 254.5 | 252.3 | 253.9 |
| Line 15 | Miscellaneous assets | FL223090005 | 4636.2 | 4547.2 | 4231.5 | 4418.3 | 4547.2 | 4695.7 | 4466.3 | 4283.4 | 4231.5 |
| Line 16 | Unallocated insurance contracts2 | FL223095505 | 284.9 | 300.8 | 316.0 | 298.0 | 300.8 | 303.2 | 307.4 | 312.8 | 316.0 |
| Line 17 | Claims of pension fund on sponsor3 | FL223073045 | 3244.4 | 3085.1 | 2639.6 | 2950.7 | 3085.1 | 3223.4 | 2927.4 | 2722.4 | 2639.6 |
| Line 18 | Other | FL223093005 | 1106.9 | 1161.4 | 1276.0 | 1169.5 | 1161.4 | 1169.1 | 1231.5 | 1248.3 | 1276.0 |
| Line 19 | Pension entitlements (liabilities)4 | FL224190005 | 9395.6 | 9741.7 | 10014.7 | 9664.4 | 9741.7 | 9798.0 | 9876.9 | 9950.5 | 10014.7 |
| Memo: | |||||||||||
| Line 20 | Pension entitlements of defined benefit plans | FL224190043 | 8942.7 | 9253.6 | 9491.6 | 9175.9 | 9253.6 | 9313.1 | 9372.6 | 9432.1 | 9491.6 |
| Line 21 | Funded by assets5 | FL222000075 | 5698.3 | 6168.5 | 6852.1 | 6225.1 | 6168.5 | 6089.7 | 6445.2 | 6709.7 | 6852.1 |
| Line 22 | Unfunded (line 17) | FL223073045 | 3244.4 | 3085.1 | 2639.6 | 2950.7 | 3085.1 | 3223.4 | 2927.4 | 2722.4 | 2639.6 |
| Total financial assets | |||||||||||
| Line 23 | Defined benefit plans6 | FL224090045 | 8793.5 | 9108.3 | 9343.9 | 9030.1 | 9108.3 | 9168.1 | 9230.6 | 9284.5 | 9343.9 |
| Line 24 | Defined contribution plans7 | FL224090055 | 453.0 | 488.1 | 523.1 | 488.5 | 488.1 | 484.9 | 504.3 | 518.4 | 523.1 |
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. Negative values indicate overfunding.
- Actuarial value of projected pension entitlements. These liabilities are assets of the household sector.
- Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
- Additional detail on defined benefit plans is available on table L.120.b.
- Additional detail on defined contribution plans is available on table L.120.c.
Last Update: 2026-03-19