U.S. State & Local Pension (Defined-Benefit) Assets

## What this measures

The assets held by state and local government defined-benefit pension plans for teachers, police and other public employees.

## Why it matters

These funds are large investors in stocks, bonds and private assets, and any shortfall is a claim on state and local taxpayers.

## How to read it

It was $7,257 billion in the second quarter of 2026.

## What it does not say

Z.1 values are end-of-quarter levels in nominal dollars, not adjusted for inflation, and they move with stock and bond prices as much as with saving. The Fed revises past quarters with each release. It counts assets, not what the plans owe.

## Source

Board of Governors of the Federal Reserve System, Financial Accounts of the United States (Z.1), series FL222000075 (FRED series BOGZ1FL222000075Q). Palanor pulls it from the FRED API (Federal Reserve Bank of St. Louis) nightly.