Financial Accounts of the United States - Z.1
L.120.b State and local government employee defined benefit 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 | FL224090045 | 8793.5 | 9108.3 | 9343.9 | 9030.1 | 9108.3 | 9168.1 | 9230.6 | 9284.5 | 9343.9 |
| 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 | FL223034043 | 15.5 | 21.9 | 33.8 | 20.1 | 21.9 | 19.8 | 25.6 | 30.4 | 33.8 |
| 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 | LM223064243 | 68.5 | 40.7 | 51.0 | 40.8 | 40.7 | 41.9 | 60.7 | 50.8 | 51.0 |
| Line 15 | Miscellaneous assets | FL223090045 | 4350.5 | 4245.6 | 3914.7 | 4119.4 | 4245.6 | 4391.7 | 4158.0 | 3969.8 | 3914.7 |
| Line 16 | Claims of pension fund on sponsor2 | FL223073045 | 3244.4 | 3085.1 | 2639.6 | 2950.7 | 3085.1 | 3223.4 | 2927.4 | 2722.4 | 2639.6 |
| Line 17 | Other | LM223093043 | 1106.1 | 1160.5 | 1275.2 | 1168.7 | 1160.5 | 1168.3 | 1230.6 | 1247.4 | 1275.2 |
| Line 18 | Pension entitlements (liabilities)3 | FL224190043 | 8942.7 | 9253.6 | 9491.6 | 9175.9 | 9253.6 | 9313.1 | 9372.6 | 9432.1 | 9491.6 |
Notes:
- Includes claims on sponsor (i.e., unfunded pension entitlements).
- Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
- Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.
Last Update: 2026-03-19