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 | 2021 | 2022 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 9725.6 | 8852 | 9497 | 9250.4 | 9041.7 | 8852 | 8985.5 | 9131.9 | 9223.8 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 28.6 | 26.4 | 27.6 | 28 | 24.9 | 26.4 | 26.7 | 32.8 | 34 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 2.4 | 6.4 | 0.2 | 1.7 | 0.1 | 6.4 | 3 | 0.1 | 0.1 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 26.3 | 22.5 | 24.4 | 22.4 | 20.6 | 22.5 | 23.7 | 19.3 | 18.3 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 27.6 | 48.2 | 20 | 19.9 | 32.6 | 48.2 | 59.4 | 21.2 | 13.6 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1188.4 | 1035.1 | 1144.7 | 1085.9 | 1045.8 | 1035.1 | 1125.6 | 1122.1 | 1100.6 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 20.4 | 11.3 | 23.2 | 22.8 | 16 | 11.3 | 12.4 | 14.2 | 12 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 411.3 | 323.4 | 379.9 | 352.2 | 315.8 | 323.4 | 361.7 | 383.1 | 379.7 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 198.1 | 164.3 | 195.1 | 182.4 | 166.5 | 164.3 | 138 | 148.7 | 139.5 | 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 | 558.5 | 536.1 | 546.5 | 528.6 | 547.4 | 536.1 | 613.5 | 576.1 | 569.3 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 6.8 | 6.5 | 6.7 | 6.5 | 7.3 | 6.5 | 7.5 | 7.4 | 7.6 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 3345.9 | 2971.5 | 3236.8 | 2951.9 | 2798 | 2971.5 | 2940.5 | 3135.6 | 2982.1 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 297.5 | 230 | 281.9 | 244.3 | 229.7 | 230 | 274.7 | 229.8 | 212.7 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4802.3 | 4505.4 | 4754.6 | 4889.7 | 4882.9 | 4505.4 | 4524.4 | 4563.5 | 4854.7 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 274.1 | 278.1 | 275.5 | 272.8 | 273.3 | 278.1 | 282.8 | 285.6 | 286 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3582 | 3208.3 | 3533.1 | 3635.6 | 3618.6 | 3208.3 | 3110.1 | 3103 | 3344.8 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 946.2 | 1019 | 946 | 981.4 | 991 | 1019 | 1131.6 | 1175 | 1223.9 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9898.3 | 9067.9 | 9689.7 | 9461 | 9253.8 | 9067.9 | 9152.5 | 9236.1 | 9301.5 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 9416.1 | 8632.1 | 9220.1 | 9024.1 | 8828.1 | 8632.1 | 8703.7 | 8775.3 | 8847 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5834.1 | 5423.8 | 5687 | 5388.5 | 5209.5 | 5423.8 | 5593.7 | 5672.3 | 5502.2 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3582 | 3208.3 | 3533.1 | 3635.6 | 3618.6 | 3208.3 | 3110.1 | 3103 | 3344.8 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 9243.4 | 8416.2 | 9027.4 | 8813.5 | 8616 | 8416.2 | 8536.7 | 8671.1 | 8769.3 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 482.3 | 435.8 | 469.6 | 436.9 | 425.7 | 435.8 | 448.8 | 460.8 | 454.5 | 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: December 7, 2023