WASHINGTON — State and local public-employee pension systems had $3 trillion in cash and investment holdings in fiscal 2011, a $351.9 billion or 13.2% increase from $2.7 trillion in fiscal 2010, according to a new annual survey from the Census Bureau.
This follows a $288.7 billion gain from 2009 to 2010. The survey, released Thursday, looked at the financial activity and membership information of state and local public-employee pension systems. Specifically, the survey analyzed revenues, expenditures, investment holdings, and beneficiaries. It covered the fiscal year between July 1, 2010 and June 30, 2011 and not the calendar year.
Most investment categories showed increases, with decreases only in federal agency securities, funds held in trust, and corporate bonds.
Foreign and international security investments rose the most by 24% to $523 billion in 2011 from $421.9 billion in 2010. They comprised of 17.3% of total investment holdings.
Government securities, including U.S. Treasuries, increased by 3.8% to $240.9 billion in 2011 from $232 billion in 2010. They accounted for 9% of the total holdings.
California had the largest total investment and cash holdings with $599.97 billion. New York had the second largest amount of total investment and cash holdings with $319.33 billion.
Total revenue increased 30.6% to $616.1 billion in 2011 from $471.6 billion in 2010, the report said, citing the rise of investment earnings.
Earnings on investments comprised of 77.8% of total revenue, government contributions accounted for 15.6% and employee contributions made up the remaining 6.5% of total revenue in 2011.
Employee contributions contributed to 3% to $40.3 billion in 2011 from $39.1 billion in 2010.