State and local government defined benefit pension systems had assets of $3.4 trillion at the end of their 2007 fiscal year, up 17% from FY2006, according to U.S. Census Bureau figures.
The plans had 36.5% of assets, or $1.2 trillion, invested in corporate stocks in fiscal 2007, the largest asset class among the plans, the bureau said in a news release. Fifteen percent, or $518.3 billion, was invested in international securities, while 13%, or $448.5 billion, was invested in corporate bonds. The remaining 35.5% assets were in governmental securities, real property, funds held in trust and other investments, the news release said.
Public DB plans also issued $168 billion in benefits to 7.5 million retirees and their survivors in fiscal year 2007, up $12 billion, or 7.7%, from the previous year when 7.3 million received payments, the news release said.
