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 | 2023 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 9723.2 | 8846.1 | 9246.4 | 9090.4 | 8846.1 | 9001.3 | 9086.7 | 9153.2 | 9246.4 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 28.4 | 26.7 | 32.5 | 26 | 26.7 | 25.1 | 29.9 | 31.2 | 32.5 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 2.4 | 6.5 | 3.7 | 0.1 | 6.5 | 2.8 | 0 | 3 | 3.7 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 26.6 | 22.7 | 19.3 | 21.6 | 22.7 | 22.1 | 16.9 | 19.9 | 19.3 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 27.7 | 48.8 | 62.9 | 34.4 | 48.8 | 55.1 | 18.2 | 57.2 | 62.9 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1195.8 | 1043.2 | 1151.2 | 1042.8 | 1043.2 | 1114.9 | 1092.1 | 1078.1 | 1151.2 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 20.5 | 11.4 | 14 | 14.7 | 11.4 | 11.5 | 12.1 | 14.1 | 14 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 414.2 | 327.2 | 420.7 | 339.6 | 327.2 | 364.5 | 359.6 | 385.8 | 420.7 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 198.7 | 165.7 | 150.6 | 170.1 | 165.7 | 156.9 | 170 | 150.7 | 150.6 | 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 | 562.4 | 539 | 565.9 | 518.3 | 539 | 581.9 | 550.4 | 527.5 | 565.9 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 6.8 | 6.6 | 5.3 | 7.9 | 6.6 | 6.8 | 5.9 | 5.8 | 5.3 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 3374.2 | 3006.6 | 3348.4 | 2808.3 | 3006.6 | 3008.2 | 3166.1 | 3053.6 | 3348.4 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 298.3 | 207.6 | 241.8 | 237.2 | 207.6 | 275.3 | 253 | 230.3 | 241.8 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4763 | 4477.6 | 4381.4 | 4912.1 | 4477.6 | 4491 | 4504.7 | 4674.1 | 4381.4 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 274.1 | 278.2 | 289.3 | 273.4 | 278.2 | 282.9 | 285.7 | 286.1 | 289.3 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3535.6 | 3205.3 | 2938.8 | 3639.5 | 3205.3 | 3138.2 | 3093.5 | 3288.9 | 2938.8 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 953.3 | 994 | 1153.4 | 999.2 | 994 | 1069.9 | 1125.4 | 1099.1 | 1153.4 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9898.3 | 9068 | 9406.1 | 9253.9 | 9068 | 9156.4 | 9243.8 | 9313.7 | 9406.1 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 9416.1 | 8632.1 | 8933.7 | 8828.1 | 8632.1 | 8707.5 | 8782.9 | 8858.3 | 8933.7 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5880.4 | 5426.7 | 5994.9 | 5188.6 | 5426.7 | 5569.2 | 5689.4 | 5569.4 | 5994.9 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3535.6 | 3205.3 | 2938.8 | 3639.5 | 3205.3 | 3138.2 | 3093.5 | 3288.9 | 2938.8 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 9240.9 | 8410.2 | 8774 | 8664.5 | 8410.2 | 8552.4 | 8625.8 | 8697.8 | 8774 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 482.3 | 435.9 | 472.4 | 425.8 | 435.9 | 448.9 | 460.9 | 455.4 | 472.4 | 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: March 7, 2024