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 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 Line
State and local government employee retirement funds; total financial assets (1) FL224090005 9751.5 8854.2 9217.5 8999.4 9074.6 9134.6 9217.5 9318.2 9401.1 1
State and local government employee defined benefit retirement funds; checkable deposits and currency; asset FL223020043 28.4 26.2 24.3 24.2 28.8 29.3 24.3 34.6 37 2
State and local government employee defined benefit retirement funds; total time and savings deposits; asset FL223030043 2.4 6.4 2.3 2.7 0 2.8 2.3 1.7 1.5 3
State and local government employee retirement funds; money market fund shares; asset FL223034005 26.5 22.1 17.6 21.2 16.1 18.5 17.6 20.2 19.7 4
State and local government employee defined benefit retirement funds; security repurchase agreements; asset FL222051043 27.7 47.9 58.7 53.3 17.5 53.3 58.7 62.8 65 5
State and local government employee defined benefit retirement funds retirement funds; debt securities; asset LM224022045 1194.3 1024.8 1115 1091.4 1063.3 1033.9 1115 1130.2 1133.3 6
State and local government employee defined benefit retirement funds; commercial paper; asset FL223069143 20.5 11.2 11.7 11.1 11.6 13.2 11.7 12.7 13 7
State and local government employee defined benefit retirement funds; Treasury securities; asset LM223061143 413.6 321.4 402.8 356.2 349.6 365.1 402.8 415.9 429.7 8
State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset LM223061743 198.5 162.8 159.8 155.1 167.1 150.4 159.8 163.6 165.9 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 561.7 529.4 540.7 569 534.9 505.2 540.7 538 524.7 11
State and local government employee defined benefit retirement funds; total mortgages; asset FL223065043 6.8 6.5 4.8 6.6 5.6 5.4 4.8 4.2 3.7 12
State and local government employee defined benefit retirement funds; corporate equities; asset LM223064145 3369.8 2953.5 3175.5 2947 3081.6 3004.2 3175.5 3263.1 3293.5 13
State and local government employee retirement funds; mutual fund shares; asset LM223064205 298.2 195.5 235.3 259.8 237.3 221.9 235.3 221.4 205.8 14
State and local government employee retirement funds; miscellaneous assets FL223090005 4797.5 4571.3 4583.9 4593.2 4624.4 4765.4 4583.9 4580.1 4641.6 15
State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) FL223095505 274.1 279 291.9 283.7 286.5 287 291.9 297.1 300.1 16
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) FL223073045 3571.3 3317 3192 3276.2 3258.2 3429.1 3192 3164 3211.3 17
State and local government employee retirement funds; miscellaneous assets FL223093005 952 975.4 1100.1 1033.3 1079.8 1049.3 1100.1 1119.1 1130.1 18
State and local government employee retirement funds; pension entitlements (total liabilities) (4) FL224190005 9926.5 9072.2 9367.4 9149.4 9225.6 9284.5 9367.4 9461.2 9542.5 19
State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) FL224190043 9444.2 8648 8907.5 8712.9 8777.7 8842.6 8907.5 8984.3 9061.1 20
State and local government employee defined benefit retirement funds; total funded assets (5) FL222000075 5872.9 5331.1 5715.5 5436.7 5519.6 5413.5 5715.5 5820.3 5849.8 21
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FL223073045 3571.3 3317 3192 3276.2 3258.2 3429.1 3192 3164 3211.3 22
State and local government employee defined benefit retirement funds; total financial assets (6) FL224090045 9269.3 8430 8757.6 8562.8 8626.7 8692.7 8757.6 8841.3 8919.6 23
State and local government employee defined contribution retirement funds; total financial assets (7) FL224090055 482.3 424.2 459.9 436.5 447.9 441.9 459.9 476.9 481.4 24

NOTES

  1. Includes claims on sponsor (i.e., unfunded pension entitlements).
  2. Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts.
  3. Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
  4. Actuarial value of projected pension entitlements. These liabilities are assets of the household sector.
  5. Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
  6. Additional detail on defined benefit plans is available on table L.120.b.
  7. Additional detail on defined contribution plans is available on table L.120.c.
Last Update: September 12, 2024