Public Pension Assets

Quarterly Update (Q2 2026)

The Federal Reserve publishes data on state and local defined benefit assets on a quarterly basis. As of the second quarter of 2026 (June 30), aggregate public pension assets were an estimated $7.26 trillion, an increase of 7.1 percent from the (revised) $6.78 trillion reported for the prior quarter. The second quarter value is higher than the same quarter one year ago by some $716 billion, or 10.9 percent.

This value is subject to revision in future reports. The next release is scheduled for December 2026.

Quarterly Change in State & Local Defined Benefit Assets, 2003-2026

Annual Update

The Federal Reserve reported in March 2025 that the combined value of defined benefit plan assets held by state and local governments as of Q4 2025 increased by 11.1 percent, to $6.85 trillion, from $6.17 trillion as of Q4 2024.

Annual Change in State & Local Defined Benefit Assets, 2003-2025

Become A Member

Becoming a member of NASRA offers a unique opportunity to join a community committed to the sound, efficient, and innovative stewardship of public retirement systems. Membership connects you with a network of professionals and experts, providing valuable insights into managing public retirement systems with a focus on sustainability and risk-averse strategies.

By joining NASRA, you gain the tools and resources to enhance the management of public retirement systems, ensuring their long-term success and reliability for generations to come.

What’s New at NASRA: Employee Contributions to Public Pension Plans

Employee contributions remain a central part of public pension financing, and the way those contributions are structured is subject to change depending each states' governance rules. . NASRA’s 2026 updated brief finds median employee contribution rates of 6.2 percent of pay for employees who participate in Social Security and 9.0 percent for those who do not. For employees who do not participate in Social Security, the public pension often plays a broader role in retirement security, effectively providing two of the traditional three legs of the retirement stool rather than one.

Since 2009, 41 states increased employee contributions in at least one plan, while some states recently reduced rates for selected employees. Variable contributions are also becoming more common, with 26 plans in 17 states adjusting employee rates based on funding, plan costs, or other factors. The brief provides current trends and a state-by-state look at employee contribution requirements across public retirement systems.