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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	2021	2022	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	Line
State and local government employee defined benefit retirement funds; total financial assets (1)	FL224090045	9243.4	8416.2	9027.4	8813.5	8616	8416.2	8536.7	8671.1	8769.3	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 defined benefit retirement funds; money market fund shares; asset	FL223034043	24.9	21.1	23	21.1	19.2	21.1	22.3	16.9	15.9	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 defined benefit retirement funds; mutual fund shares; asset	LM223064243	92.5	75.6	91.1	83.5	80.5	75.6	112	59	48.7	14
State and local government employee defined benefit retirement funds; miscellaneous assets	FL223090045	4526.3	4225.4	4477.2	4615.1	4607.7	4225.4	4239.7	4276	4566.7	15
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (2)	FL223073045	3582	3208.3	3533.1	3635.6	3618.6	3208.3	3110.1	3103	3344.8	16
State and local government employee defined benefit retirement funds; unidentified miscellaneous assets	LM223093043	944.4	1017.1	944.2	979.5	989.1	1017.1	1129.6	1173	1221.9	17
State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) (3)	FL224190043	9416.1	8632.1	9220.1	9024.1	8828.1	8632.1	8703.7	8775.3	8847	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: December 7, 2023