Table 1.  National Summary of State and Local Government
Employee-Retirement System Finances
Fiscal Year: 2002-2003
Data are in thousands of dollars

                                                 Amount        Percent

Total Receipts                              147,747,004        100.00%

Employee Contributions                       28,843,747         19.52%
Government Contributions                     46,212,289         31.28%
  State Contributions                        19,567,749         13.24%
  Local Contributions                        26,644,540         18.03%
Earnings on investments 1                    72,690,968         49.20%

Total Payments                              134,844,916        100.00%

Benefits                                    122,306,460         90.70%
Withdrawals                                   4,891,041          3.63%
Other payments                                7,647,415          5.67%

Total cash and investment holdings        2,172,001,788        100.00%

Cash and short term investments              99,812,059          4.60%

Total securities                          1,891,957,833         87.11%
  Government securities                     222,534,967         10.25%
    Federal Government                      221,684,160         10.21%
    United States Treasury                  161,289,726          7.43%
    Federal agency                           60,394,434          2.78%
    State and local government                  850,807          0.04%

  Nongovernmental                         1,669,422,866         76.86%
    Corporate bonds                         317,074,720         14.60%
    Corporate stocks                        811,107,881         37.34%
    Mortgages                                22,795,540          1.05%
    Funds held in trust                      67,250,825          3.10%
    Foreign and international               266,812,023         12.28%
    Other nongovernmental                   184,381,877          8.49%

Other investments                           180,231,896          8.30%
  Real property                              46,766,729          2.15%
  Miscellaneous investments                 133,465,167          6.14%

1 The total of "net earnings" is a calculated statistic (the item code
in the data file is X08), and thus can be positive or negative.  Net
earnings is the sum of earnings on investments plus gains on
investments minus loses on investments.  The change made in 2002
for asset valuation from book to market value in accordance with
Statement 34 of the Governmental Accounting Standards Board is
reflected in the calculated statistics.