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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	2019	2020	2021	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	Line
State and local government employee defined benefit retirement funds; total financial assets (1)	FL224090045	8724.8	9022.9	9272.6	8942.9	9022.9	9078.5	9139.6	9207.0	9272.6	1
State and local government employee defined benefit retirement funds; checkable deposits and currency; asset	FL223020043	22.1	28.0	37.4	21.2	28.0	24.8	26.0	34.2	37.4	2
State and local government employee defined benefit retirement funds; total time and savings deposits; asset	FL223030043	4.2	2.2	2.1	2.2	2.2	2.2	2.4	2.1	2.1	3
State and local government employee defined benefit retirement funds; money market fund shares; asset	FL223034043	21.1	21.3	29.7	27.8	21.3	23.4	21.9	29.3	29.7	4
State and local government employee defined benefit retirement funds; security repurchase agreements; asset	FL222051043	6.7	7.8	19.9	2.9	7.8	18.4	24.5	16.5	19.9	5
State and local government employee defined benefit retirement funds retirement funds; debt securities; asset	LM224022045	954.9	1074.6	1214.2	1021.2	1074.6	1082.3	1171.2	1173.6	1214.2	6
State and local government employee defined benefit retirement funds; commercial paper; asset	FL223069143	12.4	8.6	19.1	10.2	8.6	15.3	18.4	17.4	19.1	7
State and local government employee defined benefit retirement funds; Treasury securities; asset	LM223061143	329.3	346.8	450.2	309.9	346.8	344.5	393.2	418.5	450.2	8
State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset	LM223061743	166.9	189.8	203.6	193.1	189.8	190.7	191.6	202.1	203.6	9
State and local government employee defined benefit retirement funds; municipal securities; asset	LM223062043	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	10
State and local government employee defined benefit retirement funds; corporate and foreign bonds; asset	LM223063045	446.4	529.3	541.2	508.0	529.3	531.8	568.0	535.6	541.2	11
State and local government employee defined benefit retirement funds; total mortgages; asset	FL223065043	7.9	6.9	7.6	7.5	6.9	7.4	7.4	7.6	7.6	12
State and local government employee defined benefit retirement funds; corporate equities; asset	LM223064145	2523.5	2843.5	3207.1	2526.6	2843.5	2957.5	3133.3	3077.9	3207.1	13
State and local government employee defined benefit retirement funds; mutual fund shares; asset	LM223064243	168.4	196.9	199.9	156.5	196.9	180.9	183.0	191.5	199.9	14
State and local government employee defined benefit retirement funds; miscellaneous assets	FL223090045	5016.0	4841.6	4554.6	5177.1	4841.6	4781.5	4570.0	4674.4	4554.6	15
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (2)	FL223073045	4205.5	4020.3	3601.8	4390.5	4020.3	3936.5	3693.2	3737.4	3601.8	16
State and local government employee defined benefit retirement funds; unidentified miscellaneous assets	LM223093043	810.5	821.3	952.8	786.6	821.3	845.0	876.8	937.0	952.8	17
State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) (3)	FL224190043	8866.4	9158.1	9450.7	9085.0	9158.1	9231.3	9304.4	9377.6	9450.7	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: March 10, 2022