Table 4b(3) Coefficient of Variation for Cash and Investment Holdings of State and Local Government Employee-Retirement Systems by State and Level of Government: Fiscal Year 2005-2006 Securities ------------------------------------------------------------------------------------ Nongovernmental ------------------------------------------------------------------------------------ Foreign and State and level Corporate Corporate Funds held international of government bonds stocks Mortgages in trust securities Other United States 0.06% 0.06% 0.07% 0.64% 0.03% 0.21% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.34% 0.36% 1.17% 10.03% 0.17% 1.36% Alabama 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Alaska 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Arizona 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Arkansas 0.15% 0.07% 0.00% 0.00% 0.00% 0.31% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 10.86% 8.57% 0.00% 0.00% 0.00% 6.52% California 0.00% 0.00% 0.00% 0.00% 0.00% 0.49% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 1.48% Colorado 0.05% 0.00% 0.00% 36.48% 0.00% 4.97% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.44% 0.00% 0.00% 36.48% 0.00% 7.62% Connecticut 0.22% 0.36% 0.00% 0.00% 0.00% 3.15% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 2.75% 1.94% 0.00% 0.00% 0.00% 3.62% Delaware 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% District of Columbia 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Florida 0.24% 0.16% 0.00% 63.50% 0.00% 11.89% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 1.86% 1.34% 0.00% 64.20% 0.00% 11.95% Georgia 0.07% 0.04% 0.00% 0.00% 0.00% 1.84% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.40% 0.62% 0.00% 0.00% 0.00% 6.72% Hawaii 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Idaho 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Illinois 0.81% 0.97% 100.00% 1.90% 0.04% 3.29% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 2.80% 2.47% 100.00% 21.11% 0.21% 4.63% Indiana 0.00% 0.00% 0.00% 0.96% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.96% 0.00% 0.00% Iowa 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Kansas 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Kentucky 0.00% 0.00% 0.00% 100.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 100.00% 0.00% 0.00% Louisiana 0.05% 0.00% 0.00% 0.00% 0.00% 0.59% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.68% 0.00% 0.00% 0.00% 0.00% 7.39% Maine 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Maryland 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Massachusetts 0.79% 1.25% 0.00% 0.00% 0.56% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.91% 1.41% 0.00% 0.00% 0.64% 0.00% Michigan 0.37% 0.30% 3.11% 13.71% 0.01% 0.67% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 1.76% 1.25% 3.11% 13.71% 0.09% 5.37% Minnesota 0.04% 0.19% 0.00% 0.22% 0.00% 0.64% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.25% 0.95% 0.00% 75.70% 0.00% 2.78% Mississippi 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Missouri 0.06% 0.24% 0.00% 91.79% 0.11% 1.22% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.92% 1.18% 0.00% 100.00% 1.65% 10.39% Montana 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Nebraska 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Nevada 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% New Hampshire 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% New Jersey 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% New Mexico 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% New York 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% North Carolina 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% North Dakota 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Ohio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Oklahoma 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Oregon 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Pennsylvania 0.51% 0.37% 0.00% 16.47% 0.17% 6.04% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 2.77% 1.78% 0.00% 16.47% 11.25% 18.36% Rhode Island 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% South Carolina 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% South Dakota 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Tennessee 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Texas 0.24% 0.03% 0.00% 0.00% 0.09% 0.77% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 2.22% 0.30% 0.00% 0.00% 0.65% 0.77% Utah 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Vermont 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Virginia 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Washington 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% West Virginia 5.12% 2.73% 0.00% 0.08% 0.00% 14.41% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 5.12% 2.73% 0.00% 43.40% 0.00% 14.41% Wisconsin 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Wyoming 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% State 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Local 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 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 (CV) is the estimated standard error expressed as a percent of the estimated total or proportion. Each column in this table contains the coefficients of variation that have been computed for the estimated amounts in table 4a(3). Source: U.S. Census Bureau, Governments Division Created: September 26, 2007 Last Revised: June 25, 2008