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Census Bureau Publishes 2025 Annual Survey of Public Pensions
On May 14, 2026, the U.S. Census Bureau published its report, Annual Survey of Public Pensions: 2025. The Annual Survey of Public Pensions (ASPP) provides the financial assets, revenues, expenditures and membership information for 304 state-administered funds and 4,632 locally-administered defined benefit public pension systems.
The U.S. Census Bureau reported that the aggregate value of public pension assets increased to $6.5 trillion in 2025, up 8.5% from 2024. In 2025, state and local governments invested $6.49 trillion in short- and long-term assets in pension plans, up 8.46% from $5.98 trillion in 2024.
According to the Census Bureau, state- and locally-administered pension systems covered more than 37 million active and inactive participants in 2025. Benefit payments to beneficiaries (retirees as well as their spouses or dependent children) increased 3.4% to $418.25 billion in 2025 from $404.46 billion in 2024 for state and local government pension plans.
State and local retirement benefits are funded by employer contributions, employee contributions and investment earnings. Of the total $315.02 billion invested in state and local government pension plans in 2025, governments (on behalf of employees) contributed 75.17% and employees contributed 24.83%.
The survey covers only those pension systems that meet two criteria: 1) they are sponsored by a recognized unit of government as defined by the Census Bureau; and 2) their membership must be comprised of public employees compensated with public funds.
In addition to state governments, the Census Bureau defines five types of local governments: county, municipal, township, school district, and special district. Each pension system is considered an agency of one of these larger government units, but the information in the survey reflects only the retirement system portion of revenues, expenditures, and assets.
On the ASPP website, statistics are accessible both at the national level and for individual states. In addition, state- and locally-administered defined benefits are also available.
Further information is available here.