How to Read the Census Annual Survey of Public Pensions — Holdings, Benefits, Contributions and the Benefits–Contributions Gap

As of 6 November 2026, 00:19 KST (retrieved by this page at that time); most recently published report: Annual Survey of Public Pensions: 2025 from the U.S. Census Bureau, dated October 13, 2026 on its web page (the PDF says released September 2026); the 2025 State & Local tables and datasets are dated May 2026 on the program page. The cited pages give no date for the next annual report. Primary source: https://www2.census.gov/library/publications/2026/econ/aspp-2025.pdf^[1][2][3]

Comparison basis: amounts are as printed in the report's text, rounded to the published precision ($ trillions to two decimals, $ billions to one decimal or whole numbers). The report shows earlier years mostly in charts without printed values, so this page compares only figures given in the text. The single calculated change (+8.5% for assets) is this page's, rounded half up to one decimal.^[1]

In three lines

1. This annual Census report summarizes the money and members of defined benefit pension plans run by U.S. state and local governments.
2. In survey year 2025, the plans held $6.49 trillion in cash and investments, up from $5.98 trillion.
3. They paid $418.2 billion in benefits and received $315.0 billion in contributions from employees and governments.^[1][2]

Coverage. "In 2025, there were 311 state-administered funds and 4,061 locally administered defined benefit public pension systems, all of which are represented here." That statement sits beside the note that 2025 is a sample year, and the cited pages do not say how plans of governments outside the sample are represented. "This survey only covers pension systems that are sponsored by recognized government units (as defined by the U.S. Census Bureau) whose members are public employees compensated with public funds." The figures cover only the retirement system portion of the governments' revenues, expenditures and assets.^[2]

Census years and sample years. "Data have been collected annually since 1957." A census of all governments is taken every 5 years, in years ending in 2 and 7. "A sample of state and local governments is used to collect data in intervening years." Survey year 2025 is therefore a sample year; the cited pages print no sampling errors, and this page does not test any change for significance.^[2]

Two release dates. The program page dates the 2025 tables and datasets May 2026 and the summary publication October 13, 2026, while the PDF cover says released September 2026.^[1][3]

Payments vs holdings. Benefits paid ($418.2 billion) and contributions ($315.0 billion) are flows of money paid out and paid in during the year, while $6.49 trillion is the cash and investments held. The cited report does not state the valuation basis of the holdings, so this page treats it only as the published amount held.^[1]

The gap figure. The report shows a figure labelled minimum earnings to fill the gap, $103.2 billion; it is a benefits-contributions gap, not an unfunded liability or a total cash-flow shortfall. It is equal to benefits paid minus contributions ($418.2 billion minus $315.0 billion, this page's check). That difference leaves out other outflows the report also lists: administrative expenses of $25.2 billion for state plans and $7.3 billion for local plans ($32.5 billion together, this page's sum) and withdrawals of $8.7 billion.^[1]

Earnings vs asset growth. 2025 total earnings (interest, dividends and other) were $123.2 billion, while holdings rose by $0.51 trillion (this page's calculation). The report shows investment gains and losses separately in a chart without a printed 2025 value, so the cited PDF does not print a numerical 2025 value, and this page has not extracted one from the underlying Census table, so this page does not reconcile the rise in holdings with its sources; the report does not establish how that rise divides among them.^[1]

Members vs workers. The 37 million members include active, inactive and beneficiary members; separately, 17.5% of full-time, year-round workers aged 15 to 64 were active members. The two figures use different groups and should not be combined.^[1]

State vs local plans. 311 state plans held $5.37 trillion and 4,061 local plans held $1.12 trillion (together $6.49 trillion, matching the total). The average paid per retiree was $41,634 a year for local plans and $31,730 for state plans; the report does not establish why the averages differ.^[1]