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 | 2022 | 2023 | 2024 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local government employee retirement funds; total financial assets (1) | FL224090005 | 8854.5 | 9218.6 | 9472.2 | 9133.6 | 9218.6 | 9287.5 | 9349.9 | 9416.8 | 9472.2 | 1 |
| State and local government employee defined benefit retirement funds; checkable deposits and currency; asset | FL223020043 | 26.2 | 23.8 | 50.1 | 29.2 | 23.8 | 34.6 | 40.1 | 45.9 | 50.1 | 2 |
| State and local government employee defined benefit retirement funds; total time and savings deposits; asset | FL223030043 | 6.4 | 2.2 | 0.0 | 2.8 | 2.2 | 1.8 | 2.0 | 0.0 | 0.0 | 3 |
| State and local government employee retirement funds; money market fund shares; asset | FL223034005 | 22.1 | 17.2 | 23.2 | 18.4 | 17.2 | 25.9 | 24.4 | 22.2 | 23.2 | 4 |
| State and local government employee defined benefit retirement funds; security repurchase agreements; asset | FL222051043 | 47.9 | 57.2 | 86.9 | 53.1 | 57.2 | 62.1 | 73.2 | 80.1 | 86.9 | 5 |
| State and local government employee defined benefit retirement funds retirement funds; debt securities; asset | LM224022045 | 1024.4 | 1099.2 | 1283.8 | 1035.9 | 1099.2 | 1125.3 | 1189.6 | 1290.2 | 1283.8 | 6 |
| State and local government employee defined benefit retirement funds; commercial paper; asset | FL223069143 | 11.2 | 11.5 | 10.2 | 13.1 | 11.5 | 13.8 | 13.6 | 10.7 | 10.2 | 7 |
| State and local government employee defined benefit retirement funds; Treasury securities; asset | LM223061143 | 321.3 | 395.3 | 503.9 | 365.8 | 395.3 | 411.9 | 446.9 | 498.3 | 503.9 | 8 |
| State and local government employee defined benefit retirement funds; agency- and GSE-backed securities; asset | LM223061743 | 162.7 | 162.5 | 180.1 | 151.7 | 162.5 | 165.3 | 169.3 | 179.0 | 180.1 | 9 |
| State and local government employee defined benefit retirement funds; municipal securities; asset | LM223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 10 |
| State and local government employee defined benefit retirement funds; corporate and foreign bonds; asset | LM223063045 | 529.2 | 529.9 | 589.7 | 505.3 | 529.9 | 534.2 | 559.8 | 602.2 | 589.7 | 11 |
| State and local government employee defined benefit retirement funds; total mortgages; asset | FL223065043 | 6.5 | 4.7 | 4.4 | 5.4 | 4.7 | 4.1 | 4.4 | 4.6 | 4.4 | 12 |
| State and local government employee defined benefit retirement funds; corporate equities; asset | LM223064145 | 2952.4 | 3200.9 | 3363.4 | 3006.8 | 3200.9 | 3355.4 | 3342.5 | 3428.7 | 3363.4 | 13 |
| State and local government employee retirement funds; mutual fund shares; asset | LM223064205 | 195.4 | 240.3 | 213.5 | 221.6 | 240.3 | 228.0 | 228.6 | 227.7 | 213.5 | 14 |
| State and local government employee retirement funds; miscellaneous assets | FL223090005 | 4573.2 | 4573.2 | 4446.9 | 4760.5 | 4573.2 | 4450.3 | 4445.1 | 4317.4 | 4446.9 | 15 |
| State and local government employee defined contribution retirement funds; unallocated insurance contracts; asset (2) | FL223095505 | 279.0 | 288.8 | 305.8 | 284.8 | 288.8 | 293.8 | 297.6 | 302.8 | 305.8 | 16 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (3) | FL223073045 | 3319.3 | 3190.2 | 2958.8 | 3429.8 | 3190.2 | 3030.1 | 3019.4 | 2845.4 | 2958.8 | 17 |
| State and local government employee retirement funds; miscellaneous assets | FL223093005 | 975.0 | 1094.2 | 1182.4 | 1045.9 | 1094.2 | 1126.4 | 1128.1 | 1169.2 | 1182.4 | 18 |
| State and local government employee retirement funds; pension entitlements (total liabilities) (4) | FL224190005 | 9072.2 | 9364.3 | 9621.2 | 9282.3 | 9364.3 | 9436.4 | 9496.7 | 9565.7 | 9621.2 | 19 |
| State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) | FL224190043 | 8648.0 | 8907.5 | 9128.8 | 8842.6 | 8907.5 | 8962.8 | 9018.1 | 9073.5 | 9128.8 | 20 |
| State and local government employee defined benefit retirement funds; total funded assets (5) | FL222000075 | 5328.8 | 5717.2 | 6170.0 | 5412.8 | 5717.2 | 5932.7 | 5998.7 | 6228.1 | 6170.0 | 21 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 3319.3 | 3190.2 | 2958.8 | 3429.8 | 3190.2 | 3030.1 | 3019.4 | 2845.4 | 2958.8 | 22 |
| State and local government employee defined benefit retirement funds; total financial assets (6) | FL224090045 | 8430.4 | 8761.9 | 8979.8 | 8693.9 | 8761.9 | 8813.9 | 8871.4 | 8924.5 | 8979.8 | 23 |
| State and local government employee defined contribution retirement funds; total financial assets (7) | FL224090055 | 424.2 | 456.8 | 492.4 | 439.7 | 456.8 | 473.6 | 478.6 | 492.3 | 492.4 | 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 13, 2025