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 | 2019 | 2020 | 2021 | 2022 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 9195.7 | 9499.1 | 9780.8 | 9954.8 | 9813.8 | 9827.5 | 9883.0 | 9954.8 | 10028.8 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 22.1 | 28.6 | 29.4 | 26.2 | 27.6 | 27.4 | 26.1 | 26.2 | 25.4 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 4.2 | 2.2 | 2.4 | 6.3 | 0.2 | 1.7 | 0.1 | 6.3 | 7.3 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 23.4 | 24.1 | 27.2 | 23.0 | 25.1 | 22.8 | 20.7 | 23.0 | 22.0 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 6.7 | 8.0 | 28.0 | 47.6 | 20.0 | 19.5 | 31.5 | 47.6 | 47.5 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 954.9 | 1096.7 | 1201.5 | 1001.8 | 1144.0 | 1057.5 | 992.0 | 1001.8 | 1060.7 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 12.4 | 8.8 | 20.8 | 11.1 | 23.2 | 22.3 | 15.5 | 11.1 | 8.7 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 329.3 | 353.9 | 415.1 | 313.2 | 379.1 | 342.9 | 299.6 | 313.2 | 335.8 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 166.9 | 193.8 | 201.1 | 154.6 | 196.3 | 176.6 | 155.7 | 154.6 | 163.0 | 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 | 540.3 | 564.5 | 522.8 | 545.4 | 515.7 | 521.2 | 522.8 | 553.3 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 7.9 | 7.1 | 6.9 | 6.4 | 6.7 | 9.2 | 7.3 | 6.4 | 6.3 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 2523.5 | 2902.2 | 3377.1 | 2921.4 | 3230.0 | 2878.7 | 2658.0 | 2921.4 | 2930.8 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 370.5 | 427.8 | 355.8 | 249.8 | 333.4 | 287.2 | 269.0 | 249.8 | 256.1 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 5282.6 | 5002.3 | 4752.6 | 5672.3 | 5027.0 | 5523.6 | 5878.5 | 5672.3 | 5672.7 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 245.9 | 258.1 | 275.9 | 281.8 | 277.9 | 275.4 | 276.2 | 281.8 | 288.0 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 4220.2 | 3936.7 | 3511.7 | 4412.1 | 3798.2 | 4278.8 | 4570.9 | 4412.1 | 4426.8 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 816.4 | 807.5 | 965.0 | 978.4 | 950.9 | 969.4 | 1031.4 | 978.4 | 958.0 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9337.3 | 9637.1 | 9956.1 | 10167.9 | 10006.1 | 10033.8 | 10087.9 | 10167.9 | 10251.4 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 8881.1 | 9143.4 | 9409.4 | 9678.7 | 9476.7 | 9544.1 | 9611.4 | 9678.7 | 9746.0 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 4660.9 | 5206.8 | 5897.8 | 5266.6 | 5678.5 | 5265.3 | 5040.5 | 5266.6 | 5319.3 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 4220.2 | 3936.7 | 3511.7 | 4412.1 | 3798.2 | 4278.8 | 4570.9 | 4412.1 | 4426.8 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 8739.4 | 9005.4 | 9234.1 | 9465.6 | 9284.4 | 9337.7 | 9406.5 | 9465.6 | 9523.5 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 456.2 | 493.7 | 546.7 | 489.2 | 529.3 | 489.8 | 476.5 | 489.2 | 505.4 | 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: June 8, 2023