Public Pension Assets

Quarterly Update (Q2 2025)

The Federal Reserve publishes data on state and local defined benefit assets on a quarterly basis. As of the second quarter of 2025 (June 30th), aggregate public pension assets were an estimated $6.51 trillion, an increase of 6.9 percent from the $6.09 trillion reported for the prior quarter. This marks the highest quarterly increase since the fourth quarter of 2020, when the aggregate value of public pension assets increased by 10.2 percent from the previous quarter. The value as of the second quarter of 2025 is higher than the same quarter one year ago by some $516 billion, or 8.6 percent. 

This value is subject to revision in future reports. The next release is scheduled for December 2025.

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


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 2024 increased by 7.9 percent, to $6.17 trillion, from $5.72 trillion as of Q4 2023.

Annual Change in State & Local Defined Benefit Assets, 2003-2024


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: Updated Cost of Living Issue Brief

Cost-of-Living Adjustments (COLAs) play a significant role in public pensions. They help retirees keep up with rising prices, but they also add costs to pension plans. Policymakers and plan sponsors are tasked with balancing three things: benefits adequacy, plan sustainability, and affordability for members and plan sponsors.
The recent increase in inflation caused many policymakers and, in some cases pension trustees, to review how benefits are designed and paid for, including the way COLAs are granted and funded. NASRA’s recently updated issue brief on the lates trends in COLAs is available in the NASRA Research Center.