This followed an increase in benefit payments of 9.0 

percent or $11.8 billion in 2008, from $131.6 billion 

in 2007. There was an increase in total payments of 

2.7 percent or $4.2 billion, from $157.5 billion in 2008 

to $161.7 billion in 2009. This followed a 5.6 percent 

increase in 2008, from $149.1 billion in 2007.

Actuarial Information for Defined Benefit Plans

The Census Bureau is releasing actuarial information 

for state administered defined benefit systems for 

covered payroll and pension obligations for the first 

time. Covered payroll increased 5.1 percent or $27.5

billion, from $535.9 billion in 2008 to $563.5 billion 

in 2009. This followed a 7.3 percent increase in 2008, 

from $499.6 billion in 2007. Pension obligations also 

saw an increase in that time, with an increase of 4.1 

percent or $118.3 billion, from $2.9 trillion in 2008 

to $3.0 trillion in 2009. This followed a 9.4 percent 

increase in 2008, from $2.7 trillion in 2007.

For further information on public-employee retirement systems, please visit our Web site at <www.census.gov/govs> or contact 

Governments Division, U.S. Census Bureau, at 1-888-529-1963 or by e-mail at <govs.retire@census.gov>.

The data and technical documentation for this release can 

be found at <www.census.gov/govs/retire/>.

G09-ARET-ST

Total Holdings and Investments

Total holdings and investments for the nation’s 222 

state administered public-employee retirement systems 

declined for the second consecutive year. In fiscal year 

2009, total holdings and investments for these systems 

decreased 24.0 percent or $641.3 billion, from $2.7 

trillion in 2008 to $2.0 trillion in 2009. This followed a 

decrease of 5.4 percent in 2008, from $2.8 trillion 

in 2007.

Nongovernmental securities fell significantly, from $2.0 

trillion in 2008 to $1.5 trillion in 2009—a decrease 

of 28.8 percent or $586.9 billion. This followed a 

decrease of 7.5 percent in 2008, from $2.2 trillion in 

2007. Nongovernmental securities comprised 71.6 

percent of total cash and security holdings in 2009.

Among the cash and security holdings of these 

public pension systems, government securities fell 

17.0 percent or $33.7 billion, from $197.6 billion in 

2008 to $163.9 billion in 2009. This followed a 12.9 

percent decline in 2008 from $226.9 billion in 2007. 

Government securities comprised 8.1 percent of the 

total cash and security holdings of all state employee 

retirement systems in 2009.

Receipts

The U.S. Census Bureau collects three components 

of retirement system receipts: investment earnings, 

contributions from employees, and contributions from 

employers. Earnings on investments, which constitute 

the largest portion of system revenues, declined from 

2007 through 2009. Earnings decreased $484.9 billion, 

from –$39.1 billion in 2008 to –$524.0 billion in 2009. 

This followed a decrease of $439.8 billion in 2008, 

from $400.7 billion in 2007. Overall, from 2007 to 

2009 there was a decrease in unrealized and realized 

earnings of 230.8 percent. 

Government contributions increased by 1.2 percent or 

$0.7 billion in 2009, following an increase from 2007 

to 2008 of 11.2 percent or $6.5 billion. Employee 

contributions increased 5.4 percent or $1.7 billion from 

2008 to 2009, following a 6.2 percent increase or $1.8 

billion from 2007 to 2008.

Benefit Payments

Benefit payments increased 5.9 percent or $8.4 billion, 

from $143.5 billion in 2008 to $151.9 billion in 2009. 

Comparison of Receipts

by Year: 2007–2009

2007 2008 2009

400.7

29.8 31.6 33.3 64.1 64.8

–39.1

–524.0

57.6

(Billions of dollars)

Source: U.S. Census Bureau, 2009 Annual Survey of 

Public–Employee Retirement Systems.

Earnings on investments

Employee contributions

Government contributions

Released April 2011

Annual Summary of the Finances of State Administered

Public-Employee Retirement Systems: 2009
0 200 400 600 800 1000 1200

(Billions of dollars)

93.4

66.3

134.8

119.2

112.4

1.5

1.3

0.7

431.4

1033.7

12.7

9.5

14.1

68.5

58.6

62.8

210.0

287.3

235.7

192.1

64.6

 Corporate bonds

Corporate stocks

 State and local government

securities

 

 Cash and short-term investments

 U.S. Treasury securities

 Federal agency securities

Foreign and international

securities

Mortgages

 Funds held in trust

Real property

 Miscellaneous investments

Other nongovernmental

securities

2007

2008

2009

Comparison of Asset Valuation by Category and Year: 2007–2009

 

84.3

90.6

77.1

50.8

364.4

336.1

397.0

316.1

282.3

87.7

92.7

951.0

658.8

443.0

79.8

Source: U.S. Census Bureau, 2009 Annual Survey of Public–Employee Retirement Systems.