Financial Accounts of the United States - Z.1
L.120 State and Local Government Employee Retirement Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted| Description | Series code | 2020 | 2021 | 2022 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 9501.6 | 9780.3 | 9934.5 | 9701.8 | 9780.3 | 9814.0 | 9826.3 | 9870.9 | 9934.5 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 28.1 | 27.5 | 22.3 | 32.9 | 27.5 | 27.6 | 27.5 | 24.9 | 22.3 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 2.2 | 2.4 | 0.0 | 2.0 | 2.4 | 0.2 | 1.7 | 0.1 | 0.0 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 23.7 | 27.3 | 18.0 | 31.8 | 27.3 | 25.1 | 22.8 | 21.4 | 18.0 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 7.8 | 28.1 | 23.8 | 15.3 | 28.1 | 20.0 | 19.6 | 33.0 | 23.8 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1077.3 | 1202.4 | 1031.0 | 1182.3 | 1202.4 | 1144.7 | 1061.7 | 992.5 | 1031.0 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 8.6 | 20.8 | 14.9 | 19.9 | 20.8 | 23.2 | 22.4 | 16.2 | 14.9 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 347.6 | 416.4 | 310.3 | 400.4 | 416.4 | 379.7 | 344.3 | 304.2 | 310.3 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 190.3 | 199.1 | 150.7 | 201.9 | 199.1 | 193.9 | 177.3 | 157.4 | 150.7 | 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 | 530.7 | 566.2 | 555.1 | 560.1 | 566.2 | 547.9 | 517.7 | 514.7 | 555.1 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 7.0 | 6.9 | 7.5 | 7.0 | 6.9 | 6.7 | 6.4 | 7.4 | 7.5 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 2850.6 | 3387.1 | 2826.0 | 3151.1 | 3387.1 | 3242.9 | 2889.8 | 2713.5 | 2826.0 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 424.2 | 356.1 | 259.0 | 437.0 | 356.1 | 334.5 | 288.5 | 264.1 | 259.0 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 5080.6 | 4742.5 | 5746.9 | 4842.4 | 4742.5 | 5012.3 | 5508.4 | 5814.0 | 5746.9 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 258.1 | 275.9 | 277.3 | 269.6 | 275.9 | 277.2 | 274.0 | 274.2 | 277.3 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 4029.2 | 3501.8 | 4487.0 | 3672.5 | 3501.8 | 3786.4 | 4264.5 | 4570.9 | 4487.0 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 793.3 | 964.8 | 982.6 | 900.3 | 964.8 | 948.8 | 969.9 | 968.9 | 982.6 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9637.1 | 9956.1 | 10165.4 | 9869.1 | 9956.1 | 10006.3 | 10033.4 | 10086.1 | 10165.4 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 9143.4 | 9409.4 | 9678.7 | 9342.1 | 9409.4 | 9476.7 | 9544.1 | 9611.4 | 9678.7 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5114.3 | 5907.6 | 5191.7 | 5669.7 | 5907.6 | 5690.3 | 5279.6 | 5040.5 | 5191.7 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 4029.2 | 3501.8 | 4487.0 | 3672.5 | 3501.8 | 3786.4 | 4264.5 | 4570.9 | 4487.0 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 9007.9 | 9233.6 | 9447.8 | 9174.8 | 9233.6 | 9284.4 | 9336.9 | 9396.2 | 9447.8 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 493.7 | 546.7 | 486.7 | 527.0 | 546.7 | 529.6 | 489.4 | 474.7 | 486.7 | 24 |
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: March 9, 2023