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Board of Governors of the Federal Reserve System

The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

L.120.b State and Local Government Employee Retirement Funds Defined Benefit Plans

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Description	Series code	2015	2016	2016 Q1	2016 Q2	2016 Q3	2016 Q4	2017 Q1	2017 Q2	2017 Q3	Line
State and local government employee defined benefit retirement funds; total financial assets (1)	FL224090045	5347.9	5582.9	5409.5	5469.6	5524.7	5582.9	5637	5692.4	5750.2	1
State and local government employee defined benefit retirement funds; checkable deposits and currency; asset	FL223020043	39.1	50.2	37.8	40.4	43.8	50.2	48.8	47.4	49.1	2
State and local government employee defined benefit retirement funds; total time and savings deposits; asset	FL223030043	2.4	2.9	2.3	2.4	2.6	2.9	2.8	2.8	2.9	3
State and local government employee defined benefit retirement funds; money market mutual fund shares; asset	FL223034043	49.4	64.2	48.1	51.7	55.9	64.2	62.3	60.5	62.7	4
State and local government employee defined benefit retirement funds; security repurchase agreements; asset	FL222051043	3.9	5.1	3.8	4.1	4.4	5.1	4.9	4.8	4.9	5
State and local government employee defined benefit retirement funds retirement funds; debt securities; asset	LM224022045	876.3	919.2	894.2	910.4	926.6	919.2	941.5	965.1	985.6	6
State and local government employee defined benefit retirement funds; commercial paper; asset	FL223069143	45	58.5	43.8	47.1	51	58.5	56.8	55.2	57.2	7
State and local government employee defined benefit retirement funds; Treasury securities; asset	LM223061143	174.2	191.1	169.2	183.3	189.9	191.1	198.7	207.6	215.5	8
State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset	LM223061743	100.2	114.4	99.7	109.8	113.7	114.4	119	124.3	128.6	9
State and local government employee defined benefit retirement funds; municipal securities; asset	LM223062043	2.5	2	2.5	2.6	2	2	2.2	2.6	2.6	10
State and local government employee defined benefit retirement funds; corporate and foreign bonds; asset	LM223063045	554.4	553.2	579	567.6	570	553.2	564.8	575.4	581.7	11
State and local government employee defined benefit retirement funds; total mortgages; asset	FL223065043	8.4	8.3	9	9.4	8.8	8.3	7.7	9.1	9	12
State and local government employee defined benefit retirement funds; corporate equities; asset	LM223064145	2241	2316.3	2244.4	2247.3	2309.5	2316.3	2405.2	2473.5	2548.4	13
State and local government employee defined benefit retirement funds; mutual fund shares; asset	LM223064243	202.7	217.9	201	213	217.9	217.9	224.4	222.6	226.8	14
State and local government employee defined benefit retirement funds; miscellaneous assets	FL223090045	1924.7	1998.7	1969.1	1991	1955.3	1998.7	1939.4	1906.7	1860.7	15
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (2)	FL223073045	1806.4	1870.1	1850.9	1865.2	1826.6	1870.1	1806.9	1775.3	1727.9	16
State and local government employee defined benefit retirement funds; unidentified miscellaneous assets	FL223093043	118.3	128.7	118.1	125.8	128.7	128.7	132.5	131.5	132.9	17
State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) (3)	FL224190043	5488.8	5721.5	5546.5	5604.4	5662.9	5721.5	5780.1	5838.7	5897.3	18

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: December 7, 2017