Table 1. National Summary of State and Local Government Employee-Retirement System Finances: Fiscal Year 2003-04 Revised January 2006 (Thousand dollars) Item Amount CV Percent CV Total receipts 407,335,732 0.06% 100.00% 0.00% Employee contributions 30,785,801 0.08% 7.56% 0.05% Government contributions 60,995,984 0.11% 14.97% 0.07% State government contributions 31,159,060 0.06% 7.65% 0.06% Local government contributions 29,836,924 0.21% 7.32% 0.16% Earnings on investments 315,553,947 0.06% 77.47% 0.02% Total payments 145,449,071 0.07% 100.00% 0.00% Benefits 133,106,842 0.07% 91.51% 0.01% Withdrawals 4,430,593 0.16% 3.05% 0.13% Other payments 7,911,636 0.11% 5.44% 0.08% Total cash and investment holdings at end of fiscal year 2,495,352,487 0.04% 100.00% 0.00% Cash and short-term investments 84,811,257 0.20% 3.40% 0.20% Total securities 2,213,581,060 0.04% 88.71% 0.02% Governmental securities 223,412,871 0.13% 8.95% 0.12% Federal government 215,159,724 0.14% 8.62% 0.12% United States Treasury 134,943,113 0.19% 5.41% 0.18% Federal agency 80,216,611 0.18% 3.21% 0.18% State and local government 8,253,147 0.13% 0.33% 0.14% Nongovernmental 1,990,168,189 0.04% 79.75% 0.02% Corporate bonds 421,340,923 0.04% 16.89% 0.05% Corporate stocks 930,524,635 0.05% 37.29% 0.04% Mortgages 17,754,616 0.00% 0.71% 0.04% Funds held in trust 52,227,528 0.86% 2.09% 0.84% Foreign and international 311,642,945 0.02% 12.49% 0.04% Other nongovernmental 256,677,542 0.10% 10.29% 0.10% Other investments 196,960,170 0.21% 7.89% 0.19% Real Property 43,715,769 0.07% 1.75% 0.06% Miscellaneous investments 153,244,401 0.25% 6.14% 0.23% 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 losses 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. Note: The standard error is a measure of the variation among the estimates from all possible samples and thus is a measure of the precision with which an estimate from a particular sample approximates the average results of all possible samples. The coefficient of variation is the estimated standard error expressed as a percent of the estimated total or proportion.