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 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 9477 | 9719.5 | 9902.9 | 9753.2 | 9769.3 | 9829.7 | 9902.9 | 10034.8 | 10119.2 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 28.7 | 28.9 | 28.4 | 27.7 | 28.3 | 26.6 | 28.4 | 27.8 | 27.9 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 2.3 | 2.4 | 6.3 | 0.2 | 1.8 | 0.1 | 6.3 | 3 | 3.7 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 23.9 | 26 | 22.3 | 24.4 | 22.7 | 20.3 | 22.3 | 23.4 | 23.2 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 8 | 27.5 | 47.8 | 20 | 20.1 | 32.2 | 47.8 | 58.7 | 68.3 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1101.5 | 1180.5 | 1032.1 | 1147.6 | 1094.6 | 1031.1 | 1032.1 | 1106 | 1125.6 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 8.8 | 20.4 | 11.1 | 23.3 | 23 | 15.8 | 11.1 | 12.3 | 9.5 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 355.4 | 407.9 | 321 | 380.3 | 354.9 | 311.4 | 321 | 355.3 | 373.7 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 194.6 | 197.6 | 163.1 | 197 | 183.4 | 164.1 | 163.1 | 136.1 | 121.3 | 9 |
| State and local government employee defined benefit retirement funds; municipal securities; asset | LM223062043 | 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 | 542.6 | 554.6 | 536.9 | 547.1 | 533.3 | 539.8 | 536.9 | 602.3 | 621.1 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 7.1 | 6.8 | 9.8 | 6.7 | 9.5 | 7.5 | 9.8 | 11.3 | 12.5 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 2914.7 | 3318.1 | 2984.8 | 3240.4 | 2977.6 | 2759.2 | 2984.8 | 2886 | 2863.4 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 413.1 | 297.3 | 229.3 | 281.1 | 245.3 | 228.6 | 229.3 | 273 | 290.5 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4977.7 | 4832.2 | 5542.2 | 5005.1 | 5369.5 | 5724.1 | 5542.2 | 5645.6 | 5704.1 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 255.2 | 274.1 | 280.3 | 276.2 | 273.9 | 274.8 | 280.3 | 285.1 | 288.2 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3914.3 | 3614.7 | 4244.9 | 3780 | 4100.7 | 4401.6 | 4244.9 | 4164.6 | 4176.1 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 808.2 | 943.3 | 1017 | 948.9 | 994.9 | 1047.7 | 1017 | 1196 | 1239.8 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9615.6 | 9891.7 | 10116.8 | 9946.1 | 9982.1 | 10038.7 | 10116.8 | 10197.2 | 10274 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 9143.4 | 9409.4 | 9678.7 | 9476.7 | 9544.1 | 9611.4 | 9678.7 | 9746 | 9813.3 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5229.1 | 5794.7 | 5433.8 | 5696.8 | 5443.3 | 5209.8 | 5433.8 | 5581.5 | 5637.3 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3914.3 | 3614.7 | 4244.9 | 3780 | 4100.7 | 4401.6 | 4244.9 | 4164.6 | 4176.1 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 9004.8 | 9237.2 | 9464.9 | 9283.8 | 9331.3 | 9402.3 | 9464.9 | 9583.6 | 9658.6 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 472.2 | 482.3 | 438.1 | 469.3 | 438 | 427.3 | 438.1 | 451.1 | 460.6 | 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: September 11, 2023