National Association of State Retirement Administrators


Public Pension Assets

Quarterly Update (Q1 2022)

The Federal Reserve publishes data on state and local defined benefit assets on a quarterly basis. As of the first quarter of 2022 (March 31st), aggregate public pension assets were $5.76 trillion, a decrease of 2.5 percent, from the $5.90 trillion reported for the prior quarter. This value is higher than the same quarter one year ago by some $460 billion, or 8.7 percent. The first quarter of 2022 marks the first quarter in which the aggregate value of public pension assets declined following seven consecutive quarters of growth.

The next release is scheduled for September 2022.

Quarterly Change in State & Local Defined Benefit Assets, 2003-2022 



Annual Update

The Federal Reserve reported in March 2022 that the combined value of defined benefit plan assets held by state and local governments as of Q4 2021 increased by 13.8 percent, to $5.85 trillion, from $5.14 trillion as of Q4 2020.

Annual Change in State & Local Defined Benefit Assets, 2003-2021