The U.S. Census Bureau announced on May 14 that public pensions in the nation totaled over $6 trillion in 2025, according to the Annual Survey of Public Pensions.
The survey is significant because it provides detailed information about revenues, expenditures, financial assets, and membership for defined-benefit public pension systems. Defined-benefit plans are those that guarantee a specified benefit to retirees.
According to the report, state and local governments invested $6.49 trillion in short- and long-term assets for pension plans in 2025, representing an increase of 8.46% from $5.98 trillion in 2024. More than 37 million people participated in these state and local pension plans during the year, including inactive employees who are not currently contributing but remain eligible for future benefits.
The data show that employees contributed nearly a quarter (24.83%) while governments contributed just over three-quarters (75.17%) of the total $315.02 billion invested into these pension plans by state and local governments in 2025. Benefit payments to retirees and their beneficiaries reached $418.25 billion—an increase of 3.40% from $404.46 billion paid out in the previous year.
Statistics from this survey are available at both national and individual state levels, with separate data files providing more detailed actuarial information about how current actions affect future benefits for defined-benefit systems administered by states or localities.
A tip sheet accompanying this release notes there is no formal news release associated with this product.
