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 | 2023 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 9476.7 | 9722.8 | 8845.9 | 9252.3 | 9002.3 | 9087.6 | 9157.7 | 9252.3 | 9360.6 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 28.7 | 28.4 | 26.7 | 25.1 | 24.9 | 29.8 | 30.3 | 25.1 | 24.7 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 2.2 | 2.4 | 6.5 | 2.4 | 2.8 | 0 | 2.9 | 2.4 | 1.3 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 23.9 | 26.6 | 22.7 | 18.3 | 21.9 | 16.7 | 19.3 | 18.3 | 17 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 8 | 27.7 | 48.8 | 60.7 | 54.7 | 18 | 55.1 | 60.7 | 63.6 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1098.2 | 1195.8 | 1043.2 | 1152.8 | 1119.6 | 1099.3 | 1068.9 | 1152.8 | 1159.3 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 8.8 | 20.5 | 11.4 | 12.1 | 11.4 | 12 | 13.6 | 12.1 | 12.3 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 354.4 | 414.2 | 327.2 | 416.4 | 365.4 | 361.5 | 377.5 | 416.4 | 430.9 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 194 | 198.7 | 165.7 | 165.2 | 159.1 | 172.8 | 155.5 | 165.2 | 163.2 | 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 | 541 | 562.4 | 539 | 559 | 583.7 | 553 | 522.3 | 559 | 552.7 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 7.1 | 6.8 | 6.6 | 4.9 | 6.7 | 5.8 | 5.6 | 4.9 | 4.5 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 2906.1 | 3374.2 | 3006.5 | 3282.9 | 3023.1 | 3185.8 | 3105.8 | 3282.9 | 3414.5 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 412.5 | 298.3 | 207.6 | 250.9 | 274.4 | 252.4 | 236.2 | 250.9 | 268.7 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4989.9 | 4762.7 | 4477.4 | 4454.4 | 4474.3 | 4479.7 | 4633.8 | 4454.4 | 4406.9 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 255.2 | 274.1 | 278.3 | 291.2 | 283 | 285.8 | 286.3 | 291.2 | 296 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3928.9 | 3535.3 | 3205 | 3024.8 | 3130.1 | 3076.5 | 3261.5 | 3024.8 | 2922.7 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 805.8 | 953.3 | 994 | 1138.5 | 1061.2 | 1117.5 | 1086 | 1138.5 | 1188.1 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9615.5 | 9898 | 9067.8 | 9407.2 | 9156.2 | 9243.5 | 9312.6 | 9407.2 | 9498.7 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 9143.3 | 9415.7 | 8631.7 | 8933.3 | 8707.1 | 8782.5 | 8857.9 | 8933.3 | 9008.7 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5214.4 | 5880.4 | 5426.7 | 5908.6 | 5577 | 5706.1 | 5596.4 | 5908.6 | 6086 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3928.9 | 3535.3 | 3205 | 3024.8 | 3130.1 | 3076.5 | 3261.5 | 3024.8 | 2922.7 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 9004.5 | 9240.6 | 8409.9 | 8778.5 | 8553.3 | 8626.6 | 8703.1 | 8778.5 | 8870.7 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 472.2 | 482.3 | 436 | 473.8 | 449 | 461 | 454.6 | 473.8 | 489.9 | 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 7, 2024