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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

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Description	Series code	2022	2023	2024	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	Line
State and local government employee defined benefit retirement funds; total financial assets (1)	FL224090045	8430.4	8761.9	8979.8	8693.9	8761.9	8813.9	8871.4	8924.5	8979.8	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 defined benefit retirement funds; money market fund shares; asset	FL223034043	20.9	15.0	20.9	16.2	15.0	23.7	22.2	20.0	20.9	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 defined benefit retirement funds; mutual fund shares; asset	LM223064243	52.2	75.2	29.9	69.6	75.2	51.2	50.6	41.2	29.9	14
State and local government employee defined benefit retirement funds; miscellaneous assets	FL223090045	4293.5	4283.6	4140.4	4474.9	4283.6	4155.8	4146.7	4013.8	4140.4	15
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (2)	FL223073045	3319.3	3190.2	2958.8	3429.8	3190.2	3030.1	3019.4	2845.4	2958.8	16
State and local government employee defined benefit retirement funds; unidentified miscellaneous assets	LM223093043	974.2	1093.4	1181.6	1045.1	1093.4	1125.6	1127.3	1168.5	1181.6	17
State and local government employee defined benefit retirement funds; pension entitlements (total liabilities) (3)	FL224190043	8648.0	8907.5	9128.8	8842.6	8907.5	8962.8	9018.1	9073.5	9128.8	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: March 13, 2025